Mackenzie Investments will merge several funds, terminate an ETF, and change a fund's management in 2024
Mackenzie Investments has announced a series of mutual fund and ETF mergers, an ETF termination, and a management change as part of its efforts to streamline its product offerings for investors and advisors.
These changes are subject to unitholder votes and key regulatory approvals.
Proposed Mergers
Mackenzie has proposed the following mutual fund and ETF mergers:
Mutual Fund Mergers:
- Mackenzie Maximum Diversification All World Developed Index Fund will merge into Mackenzie World Low Volatility Fund.
- Mackenzie Maximum Diversification Canada Index Fund will merge into Mackenzie Canadian Equity Fund.
- Mackenzie Maximum Diversification US Index Fund will merge into Mackenzie World Low Volatility Fund.
ETF Mergers:
- Mackenzie Maximum Diversification All World Developed Ex North America Index ETF (ticker: MXU) will merge into Mackenzie World Low Volatility ETF (ticker: MWLV).
- Mackenzie Maximum Diversification All World Developed ETF (ticker: MWD) will merge into Mackenzie World Low Volatility ETF (ticker: MWLV).
- Mackenzie Maximum Diversification Emerging Markets Index ETF (ticker: MEE) will merge into Mackenzie Emerging Markets Equity Index ETF (ticker: QEE).
- Mackenzie Maximum Diversification Canada Index ETF (ticker: MKC) will merge into Mackenzie Canada Low Volatility ETF (ticker: MCLV).
- Mackenzie Maximum Diversification US Index ETF (ticker: MUS) will merge into Mackenzie US Low Volatility ETF (ticker: MULV).
Mackenzie plans to notify investors of record on or about July 16, with a special meeting scheduled for September 6. If approved, the mergers will take place around September 27.
ETF Termination
Mackenzie will terminate the Mackenzie Maximum Diversification Developed Europe Index ETF on or about September 27. Unitholders will receive a termination notice at least 60 days prior. Mackenzie will stop accepting direct subscriptions for units of the terminating ETF immediately.
Unitholders' rights to exchange or redeem units will cease on the termination date, and the ETF will be delisted from the Toronto Stock Exchange after market close on September 26. Mackenzie will distribute the net proceeds from the ETF's liquidation and any final income distribution to unitholders.
A press release on or about September 30, will confirm the termination details.
Portfolio Management Change
Mackenzie will change the portfolio management of the Mackenzie Maximum Diversification Global Multi-Asset Fund. The Mackenzie Multi-Asset Strategies Team will replace the current sub-advisor, TOBAM, on or about July 30. The fund's investment objective will remain unchanged.
