Fund Portfolio – Mackenzie Floating Rate Income ETF | Mackenzie Investments
MFT

Mackenzie Floating Rate Income ETF

NAV:

(18/01/2019)
C$21.00

MARKET PRICE:

(18/01/2019)
C$21.00
Asset Class: Global Fixed Income

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Major Holdings (%) Help Top holdings by percentage

As of November 30, 2018
Major holdings represent 20.5% of the fund.
View all holdings
Total # of
Fixed Income Holdings
311
Total # of
Equity Holdings
10
Holding name, country and sector Percentage of holding in fund
CANHOU 0 09/15/23
6.2%
UCTT TL B 1L USD
1.2%
CRSR TL 1L USD
1.2%
THO TL B 1L USD
1.1%
STARWS TL B 1L USD
1.1%
GFLENV TL B 1L USD
1.1%
RAX TL B 1L USD CORP
1.1%
CLSCN TL B USD 6/14/2025
1.0%
JNJ TL 1L USD
1.0%
Cash, Cash Equivalents & Other
5.4%

Complete Fund Holdings Help Full holdings list

As of October 31, 2018
Holding Name Market Value CAD (000s) % of NAV
CTB 0 11/05/18 9,998 1.3%
UCTT TL B 1L USD 9,926 1.3%
CRSR TL 1L USD 9,746 1.3%
RAX TL B 1L USD CORP 8,877 1.2%
STARWS TL B 1L USD 8,782 1.2%
US RENAL CARE 12/22 8,668 1.2%
GFLENV TL B 1L USD 8,569 1.2%
CLSCN TL B USD 6/14/2025 8,161 1.1%
JNJ TL 1L USD 8,117 1.1%
YAKACC TL B 1L USD 7,988 1.1%
ZQK TL B 1L USD CORP 7,963 1.1%
KNGRES TL B USD 4/06/25 7,774 1.0%
RENFRO TL B 1L USD 7,640 1.0%
MDACN TL B USD 7/24 7,631 1.0%
VIVALA TL B 1L USD 7,540 1.0%
KYMERA TLB USD 10/01/25 7,483 1.0%
LDIMHO TL B 1L USD 7,469 1.0%
LCUT TL B 1L USD CORP 7,324 1.0%
ZOTECP TL 1L USD 7,245 1.0%
HUSKYI TL 1L USD 7,226 1.0%
UBERUS 8 11/01/2026 7,224 1.0%
SIGRP TL USD 8/25 6,903 0.9%
TRIMUS TL 1L USD 9/24 6,346 0.9%
NEINHO TL 1L USD 6,190 0.8%
RRD TL B 1L USD 6,175 0.8%
XELA TL B 1L USD 7/12/23 6,088 0.8%
FRAC TL B USD 5/18/2025 5,945 0.8%
VAC TL B 1L USD 5,901 0.8%
FINRSK TL B 1L USD 5,735 0.8%
BBGI TL B 1L USD CORP 5,579 0.7%
AMNPHA TL B 1L USD 5,569 0.7%
SJOENC TL 1L USD 5,458 0.7%
SSNC TL B5 1L USD CORP 5,441 0.7%
VIPCIN TL 1LUSD CORP 5,421 0.7%
HEARTL TL 1L USD 5,390 0.7%
APPLE LEISURE TL USD 3/24 5,364 0.7%
ARNBLE TL B 1L USD 12/24 5,269 0.7%
DAWACQ TL 1L USD 5,253 0.7%
PAY TL 1L USD CORP 5,193 0.7%
CARECT TL 1L USD 5,161 0.7%
EXLINT 10 07/15/23 5,075 0.7%
BRIGBI TL B 1L USD 5,003 0.7%
DSKE TL 1L USD 5,001 0.7%
INTLTD TL B1 1L 4,975 0.7%
UBERUS TL 1L USD 4,693 0.6%
GPRE TL B 1L USD 4,620 0.6%
CARBUI TL 1L USD 7/23 4,586 0.6%
PASHA TL B 1L USD CORP 4,573 0.6%
ENT INT TL 1L USD 4,558 0.6%
JBSSBZ TL B 1L USD 4,536 0.6%
SFRFP TL B13 USD 1/26 4,473 0.6%
OMI TL B 1L USD 4,446 0.6%
SPRINGS WINDOW FA TL 5/25 4,393 0.6%
LIFEMI TL B 1L USD 4,353 0.6%
CAMCN TL B 1L 06/24 4,329 0.6%
PGEM TL B 1L USD 4,312 0.6%
WESDEN TL B USD 6/30/23 4,232 0.6%
WELLDY TL 1L USD CORP 4,201 0.6%
US LBM 4,183 0.6%
MDR TL B 1L USD 4,149 0.6%
EVHC TL 1L USD 4,146 0.6%
MDP TL B 1L USD CORP 4,142 0.6%
VVCHOL TL 1L USD 4,113 0.6%
FINRSK 8.25 11/15/26 4,107 0.6%
INTLGR TL B 1L USD 4,065 0.5%
YRCW TL 1L USD 3,998 0.5%
DIGICT TL 1L USD 3,976 0.5%
CADGOS TL USD 8/21 3,949 0.5%
COOBOA TL 1L USD 10/15/25 3,949 0.5%
ODP TL B USD 11/03/22 3,888 0.5%
UBERUS TLB USD 7/23 3,869 0.5%
SIRV TL USD 3,806 0.5%
LWINC TL USD 05/18/2025 3,802 0.5%
SRSDIS TL B USD 05/25 3,709 0.5%
MEDDPO TL 1L USD CORP 3,685 0.5%
WIRPTH TL 1L USD CORP 3,661 0.5%
LRDLN TL B 1L USD 3,621 0.5%
ATLAGR TL 1L USD 3,612 0.5%
IQORUS TL B 1L USD 3,606 0.5%
ADVGRO TL 1L USD CORP 3,493 0.5%
SIGBID TL B 1L EUR 3,434 0.5%
ELECOM TL USD 6/22/25 3,419 0.5%
ALMIDC TL B 1L USD CORP 3,375 0.5%
SUP TL B 1L USD CORP 3,354 0.5%
DV TL B 1L USD 3,301 0.4%
KEPEOR TL 1L USD 3,286 0.4%
DBRS LTD 3/22 3,274 0.4%
ISAGIN TL 1L USD CORP 3,272 0.4%
PNICAQ TL B 1L USD 3,271 0.4%
ENSONO TL 1L USD 3,255 0.4%
PEGM TL B 1L USD CORP 3,191 0.4%
OZM TL B USD 4/23 3,103 0.4%
ITXN TL 1L USD 3,101 0.4%
GIII TL B 1L USD CORP 3,042 0.4%
PLHGRP TL 1L USD 3,039 0.4%
SIGBID TL B 1L USD 3,024 0.4%
KEM TL 1L USD 3,017 0.4%
INTHDS TL B USD 7/25 2,987 0.4%
LIVUCN TL 1L CAD 2,976 0.4%
ALCAMI TL 1L USD CORP 2,975 0.4%
ITXN TL 2L USD 2,950 0.4%
NEWGAM TL B 1L USD 2,927 0.4%
INNOCO TL 1L USD CORP 2,912 0.4%
TUNHIL TL B USD 10/01/25 2,897 0.4%
HURVTR TL 1L USD CORP 2,873 0.4%
INTC TL B 1L USD CORP 2,869 0.4%
HMSGLO TL 1L USD 2,804 0.4%
SOLEIN TL 1L USD CORP 2,763 0.4%
WIN TL B6 1L USD CORP 2,751 0.4%
SPLS TL 1L USD 2,730 0.4%
GWCN TL B CAD 5/26/24 2,700 0.4%
UNIMIN TL 1L USD 2,678 0.4%
LIVINGSTON INTL 4/20 2,626 0.4%
HY TL 1L USD 05/22/2023 2,621 0.4%
IQORUS TL 2L USD 2,621 0.4%
LEXP TL B 1L USD 2,611 0.4%
JUICEP TL IL USD 10/25 2,580 0.3%
CSAL TL B 1L USD 2,575 0.3%
SAVENT TL B1L USD CORP 2,549 0.3%
BALMET TLB 1L USD 7/26/25 2,543 0.3%
CCSINT TL 1L USD 2,505 0.3%
KOOSHA TL B 1L USD 4/25 2,487 0.3%
KND TL 1L USD 2,445 0.3%
PSCLLC TL B 1L USD 2,438 0.3%
INTC TL 2L USD 2,406 0.3%
DIAMBC TL 1 USD 7/25/24 2,321 0.3%
SEATMO TL 1L USD 2,276 0.3%
MILSPE TL 1L USD CORP 2,267 0.3%
CHOXPA TL USD 12/14/24 2,259 0.3%
FSNN TL B 1L USD 2,256 0.3%
ACHI TL B 1L USD 2,252 0.3%
KND TL B 1L USD CORP 2,229 0.3%
CEVAGR TL B 1L USD 2,205 0.3%
IL TL USD 11/10/24 2,200 0.3%
VISWLD TL 1L USD 2,194 0.3%
REDVEN TL B 1L USD 2,185 0.3%
HEFOSO TL 1L USD 2,165 0.3%
BAYCLU TL B 1L USD 2,141 0.3%
KEYW TL 1L USD CORP 2,100 0.3%
OCIP TL B 1L US CORP 2,098 0.3%
HURVTR TL B 1L USD 2,040 0.3%
CRECN TL 1L USD 2,037 0.3%
TPFILL TL B USD 10/02/23 1,974 0.3%
TECHMK TL 1L USD 1,915 0.3%
AMETRA TLB USD 2/23/2025 1,914 0.3%
GENONE TL B 1L USD 1,908 0.3%
MTRMGR 8 1/2 06/01/26 1,900 0.3%
ETOUCH TL B 1L USD 1,891 0.3%
SECRUS TL DD USD 11/24 1,869 0.3%
NENA TL B 1L USD 1,864 0.3%
GNW TL 1L USD 1,848 0.2%
WNRFCO TL 1L USD 1,826 0.2%
TRCPRO TL USD 2/02/2024 1,788 0.2%
MDR 10 5/8 05/01/24 1,786 0.2%
VERAER TL B USD 6/14/25 1,782 0.2%
AAC TL 1L USD 1,716 0.2%
CTL TL B 1L USD 1,702 0.2%
RUSINV TL B USD 6/01/23 1,694 0.2%
RAX 8 5/8 11/15/24 1,694 0.2%
CVC TL B USD 01/12/26 1,691 0.2%
TRMIPA TL B USD 9/24 1,663 0.2%
HILCOS TL 1L USD 1,634 0.2%
MSTPRO TL B 1L USD 1,627 0.2%
SOUCAR TL 1L USD 1,615 0.2%
HBGCN TL B 1L USD 1,613 0.2%
SCRVIS TLB 1L USD 1,569 0.2%
VRXCN TL B 1L USD 1,556 0.2%
STESTO TL B 1L USD 1,542 0.2%
INTHFI TL 1L USD CORP 1,492 0.2%
CSM BAKERY SOLUT FRN 7/20 1,472 0.2%
EXAC TL B 1L USD CORP 1,461 0.2%
PZZ TL B 1L USDCORP 1,455 0.2%
JNJ TL 2L USD 1,454 0.2%
TORINV TL 1L USD 1,435 0.2%
"LANNETT COMPANY, INC." 1,420 0.2%
NXST TL B3 USD 01/24 1,402 0.2%
UAN 9 1/4 06/15/23 1,392 0.2%
FBM TL B USD 5/11/25 1,390 0.2%
WWEXP TL 1L USD 1,368 0.2%
PRMACH TL B 1L USD 1,303 0.2%
PRMACH TL B 1L USD 1,303 0.2%
GHL TL B 1L USD 1,289 0.2%
BENMAL TL 1L USD CORP 1,283 0.2%
PSHOLD TL1L USD 1,273 0.2%
ARCHMS 8.5 09/15/25 1,258 0.2%
DUFPHE TL B 1L USD CORP 1,258 0.2%
BELCAN TL 1L USD 1,246 0.2%
SQI TL USD 12/29/24 1,230 0.2%
SVR TL 1L USD 1,214 0.2%
REDVEN TL B 1L USD 2,185 0.3%
LIVUCN TL 1L USD 1,189 0.2%
PIXSPE TL B 1L USD 1,188 0.2%
PATMED TL B 1L USD 8/22 1,171 0.2%
BAYCLU TL DD 1L USD 1,156 0.2%
LGICN TL 1L CAD 1,130 0.2%
HALBUY TL 1L USD CORP 1,128 0.2%
HARDWD 7 1/2 08/01/21 1,126 0.2%
TRISOL TL B 1L USD 1,120 0.2%
EVANS NETWORK TL USD 5/25 1,101 0.1%
AEGISS TL B USD 5/09/25 1,092 0.1%
CRY TLB USD 11/24 987 0.1%
DIGICT TL 2L USD 985 0.1%
PBI TL 1L USD 6/25/24 981 0.1%
AXUCN FLOAT 02/07/2020 973 0.1%
ROBHOL TL 1L USD CORP 967 0.1%
INDVLN TL B 1L USD CORP 911 0.1%
STRATE TL 1L USD 871 0.1%
OXCAMI TL B 1L USD CORP 870 0.1%
MILLUS L 05/23/21 1 838 0.1%
PETM TL B 1L 829 0.1%
GLBUSI TL B 1L USD 823 0.1%
HEARTL TL DD 1L USD 811 0.1%
XCAMI TL B 2L USD CORP 791 0.1%
OPRLIN TL B 1L USD CORP 768 0.1%
APCHOL TL B 1L USD 703 0.1%
BECN 4 7/8 11/01/25 688 0.1%
PSCLLC TL 2L USD 668 0.1%
AIMEGR TLB USD 9/24 643 0.1%
AMESEA TL B 1L USD CORP 639 0.1%
FTAI 6 1/2 10/01/25 635 0.1%
GEICN 5 1/4 07/15/24 630 0.1%
SPBCN 7 07/15/26 620 0.1%
INTEQU TL B 1L USD 609 0.1%
TTMI TL 1L USD 599 0.1%
YAKACC TL B 2L USD 593 0.1%
ELECOM TL 2L USD CORP 588 0.1%
PKICN 6 04/01/26 555 0.1%
SGMS TL B5 1L USD 520 0.1%
SPCHEM 8 10/01/26 512 0.1%
TLN 9 1/2 07/15/22 483 0.1%
SEATMO TL DD 1L USD 483 0.1%
SRSDIS 8 1/4 07/01/26 483 0.1%
HALBUY TL D 1L USD CORP 475 0.1%
NEWARC TL 1L USD CORP 473 0.1%
SECRUS TL 1L USD 466 0.1%
IMAPRI TL 1L USD 464 0.1%
BGRKNG FLOAT 05/1/23 453 0.1%
AMEBEA TL 2L USD 400 0.1%
PGEM 8 04/15/26 385 0.1%
CVGI TL B 1L USD 385 0.1%
AVOL 5 1/8 10/01/23 363 0.0%
RESTEC TL 2L USD 359 0.0%
KIKCN 9 08/15/23 358 0.0%
BAYTEX ENERGY 5.625 6/24 356 0.0%
TERP 5 01/31/28 343 0.0%
MU TL B 1L USD CORP 323 0.0%
RELIANCE INTERME 6.5 4/23 321 0.0%
FTAI 6 3/4 03/15/22 311 0.0%
GFLENV 7 06/01/26 305 0.0%
HUSKY 7.75 04/15/2026 275 0.0%
DRXLN 6 5/8 11/01/25 263 0.0%
NEINHO TL 2L USD 262 0.0%
BAMACN V4.75 PERP 48 257 0.0%
KRUGCN 6 04/24/2025 249 0.0%
PDVSA 6 05/16/24 247 0.0%
AIRNEW TL B 1L USD 239 0.0%
INNOCO TL 2L USD 237 0.0%
ACRISU TL B 1L USD CORP 236 0.0%
TEVA 2.8 07/21/23 233 0.0%
STRATE TL 2L USD 231 0.0%
NXST TL USD 1/24 228 0.0%
PGI TL 1L USD CORP 226 0.0%
MISBRO TL B3 USD 1/17/24 224 0.0%
SPBCN 5.25 02/27/24 223 0.0%
MATHOM 6.5 10/01/2025 215 0.0%
MATHOM 6.5 10/01/2025 215 0.0%
VESENE 8 1/8 07/24/23 197 0.0%
S 6.875 11/15/28 195 0.0%
TLN 10 1/2 01/15/26 186 0.0%
SOURCE ENRGY S 10.5 12/21 184 0.0%
CHEUCN 4.75 05/31/24 CORP 184 0.0%
RUSCN 6 03/16/26 170 0.0%
AIRM 8 05/15/25 169 0.0%
MILLAR 9.5 06/20/23 164 0.0%
BGRKNG 6 05/01/24 158 0.0%
SPRING WINDOW FAS TL 5/26 152 0.0%
CEVAGR 5.25 08/01/2025 150 0.0%
LANMED TLB USD 6/30/22 143 0.0%
MDP 6 7/8 02/01/26 132 0.0%
COLBUY TL 2L USD 131 0.0%
DHXCN 5 7/8 09/30/24 129 0.0%
GATGLO TL B2 USD 3/24 122 0.0%
AMC 5 7/8 11/15/26 121 0.0%
TMH 6.375 02/01/2025 114 0.0%
WINTRE 5 01/20/26 113 0.0%
CPN 5 1/4 06/01/26 109 0.0%
GFLENV 5.375 03/01/23 109 0.0%
TEX TL 1L USD 104 0.0%
CENREP 5 3/8 01/15/26 103 0.0%
KRAIND TL 1L USD 95 0.0%
HZN TL USD 6/21 86 0.0%
MEGCN TL B 1L USD CORP 81 0.0%
CAN 2.0 06/01/2028 77 0.0%
TEVA 3.15 10/01/26 75 0.0%
SPRINT CORP 7.875 9/23 70 0.0%
RITE AID CORP 6.125 4/23 67 0.0%
SPRINT CORP 7.125 6/24 67 0.0%
ENCHOL TL DD 1L USD CORP 67 0.0%
CRC 8 12/15/22 59 0.0%
DISH DBS CORP 5.875 11/24 56 0.0%
TENET HEALTHCAR 6.75 6/23 53 0.0%
CAMELOT FINAN 7.875 10/24 52 0.0%
PKICN 5.75 09/16/24 51 0.0%
TRPCN V4.9 PERP 15 50 0.0%
BWY 7 1/4 04/15/25 50 0.0%
SOURCE ENRGY S 10.5 12/21 184 0.0%
BEPUCN V5 PERP 11 43 0.0%
TACN V2.709 PERP A 40 0.0%
VRXCN 5.625 12/01/21 144A 39 0.0%
CHTR 4 03/01/23 38 0.0%
WEWORK 7 7/8 05/01/25 36 0.0%
ALACN V5 PERP K 28 0.0%
CDE 5 7/8 06/01/24 25 0.0%
CHTR 5 1/8 05/01/27 25 0.0%
BAMACN V4.8 PERP 46 24 0.0%
JAN 19 PUT HYG US 84 21 0.0%
RAD 7.7 02/15/27 19 0.0%
NOV 18 PUT HYG US 84 14 0.0%
TXC TL USD 7/10/22 12 0.0%
ONT 2.6 09/08/2023 10 0.0%
TD 3.224 07/25/2029 10 0.0%
KRAIND TL DD 1L USD 10 0.0%
CRCN 6.5 03/14/24 9 0.0%
EURP NOKC 9.30 14DEC18 6 0.0%
SOURCE ENERGY SERVICES LT 1 0.0%
EURP NOKC 8.90 14DEC18 -0 -0.0%
CURRENCY CONTRACT - CAD EUR - 17008 130 0.0%
CURRENCY CONTRACT - USD CAD - 19627 116 0.0%
CURRENCY CONTRACT - CAD USD - 17061 67 0.0%
CURRENCY CONTRACT - CAD USD - 18271 13 0.0%
CURRENCY CONTRACT - CAD EUR - 17171 10 0.0%
CURRENCY CONTRACT - CAD EUR - 17235 8 0.0%
CURRENCY CONTRACT - CAD EUR - 17410 4 0.0%
CURRENCY CONTRACT - CAD USD - 17879 -9 -0.0%
CURRENCY CONTRACT - CAD USD - 18359 -40 -0.0%
CURRENCY CONTRACT - CAD USD - 16911 -50 -0.0%
CURRENCY CONTRACT - CAD USD - 17408 -68 -0.0%
CURRENCY CONTRACT - CAD USD - 18360 -70 -0.0%
CURRENCY CONTRACT - CAD USD - 17808 -89 -0.0%
CURRENCY CONTRACT - CAD USD - 19735 -107 -0.0%
CURRENCY CONTRACT - CAD USD - 17873 -114 -0.0%
CURRENCY CONTRACT - CAD USD - 16769 -125 -0.0%
CURRENCY CONTRACT - CAD USD - 17720 -136 -0.0%
CURRENCY CONTRACT - CAD USD - 19412 -154 -0.0%
CURRENCY CONTRACT - CAD USD - 19777 -161 -0.0%
CURRENCY CONTRACT - CAD USD - 19625 -189 -0.0%
CURRENCY CONTRACT - CAD USD - 19629 -203 -0.0%
CURRENCY CONTRACT - CAD USD - 19628 -204 -0.0%
CURRENCY CONTRACT - CAD USD - 18437 -214 -0.0%
CURRENCY CONTRACT - CAD USD - 17202 -318 -0.0%
CURRENCY CONTRACT - CAD USD - 19804 -326 -0.0%
CURRENCY CONTRACT - CAD USD - 19666 -341 -0.0%
CURRENCY CONTRACT - CAD USD - 18423 -374 -0.1%
CURRENCY CONTRACT - CAD USD - 19363 -443 -0.1%
CURRENCY CONTRACT - CAD USD - 17876 -493 -0.1%
CURRENCY CONTRACT - CAD USD - 18132 -517 -0.1%
CURRENCY CONTRACT - CAD USD - 19296 -2,048 -0.3%
Cash, Cash Equivalents & Other 10,794 1.4%
Total Net Assets 745,958 100.2%
Maturity
1 - 2 years 1.6%
2 - 3 years 3.7%
3 - 5 years 23.7%
5 - 7 years 67.4%
7 - 10 years 4.0%
Equity 0.1%
Other -3.2%
Cash & Equivalents 2.7%

Asset Allocation (%) Help Holdings by region and sector

As of December 31, 2018
  • Regional Allocation
      United States
    81.0%
      Canada
    15.2%
      Netherlands
    1.6%
      United Kingdom
    1.3%
      France
    0.7%
      Colombia
    0.6%
      Ireland
    0.1%
      Other
    -3.2%
      Cash & Equivalents
    2.7%
  • Sector Allocation
      Bank Loans 87.3%
      Federal Bonds 7.0%
      Corporates 6.1%
      Equity 0.1%
      Other -3.2%
      Cash & Equivalents 2.7%
Maturity
1 - 2 years 1.6%
2 - 3 years 3.7%
3 - 5 years 23.7%
5 - 7 years 67.4%
7 - 10 years 4.0%
Equity 0.1%
Other -3.2%
Cash & Equivalents 2.7%
Credit Allocation (%)
AAA 7.0%
BBB 0.3%
BB 22.3%
B 58.3%
CCC 3.6%
CC 0.4%
NR 8.5%
Equity 0.1%
Other -3.2%
Cash & Equivalents 2.7%

Investment Teams

Mackenzie Fixed Income Team

The Mackenzie Fixed Income Team covers a broad range of debt securities and conducts proprietary analysis. Economic analysis helps shape the context for valuing government and corporate sectors.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment 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 rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

* The S&P/LSTA Leveraged Loan Index (Hedged to CAD) is a broad index designed to reflect the performance of U.S. dollar facilities in the leverage loan market. The foreign currency exposure of the Index is hedged back to the Canadian dollar.

‡ Credit ratings and rating categories are based on Standard & Poor’s or DBRS (or equivalent ratings issued by other approved credit rating organizations).

† Maturity details are provided by one or more sources that may include DBRS, S&P, Bloomberg, FTSE TMX and Citigroup Corp.

Inception date is the date when the ETF is listed.

The Fund’s net asset value or “NAV” is determined by calculating the aggregate of the value of the Fund’s assets less its liabilities on a particular date.

The Fund’s market price is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which units of the Fund are listed for trading at market close.

The NAV return is based on the NAV of the Fund per unit and the market return is based on the market price of the Fund per unit.