MREL.TO
Middlefield Real Estate Dividend ETF
Canadian
EQUITY
Active
MANAGEMENT STYLE
$ 158.9 M
ASSETS UNDER MGMT
99 bp
EXPENSES
Fund Basics
| Inception date | Apr 20, 2011 |
| Regulation | |
| Fund Website | link... |
| Distributions | |
| Currency | CAD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| EXTENDICARE INC | 6.5 % |
| RIOCAN REAL ESTATE INVESTMENT TRUST | 6.4 % |
| GRANITE REAL ESTATE INVESTMENT TRUST UNI | 5.4 % |
| CANADIAN APARTMENT PROPERTIES REAL ESTAT | 5.1 % |
| KILLAM APARTMENT REAL ESTATE INVESTMENT | 4.6 % |
| CHARTWELL SENIORS HOUSING RE | 4.5 % |
| BOARDWALK REIT | 4.5 % |
| CHOICE PROPERTIES REAL ESTATE INVESTMENT | 4.4 % |
| PRIMARIS REAL ESTATE INVESTMENT TRUST | 3.6 % |
| FIRST CAPITAL REAL ESTATE INVESTMENT TRU | 3.5 % |
Constituent Breakdown
| Number of holdings | 39 |
| Herfindahl-Hirschman Index | 348 |
| Wgt avg mkt cap (mns) | $16,262 |
| Large cap (>$10bn) | 20.6% |
| Mid cap ($2-10bn) | 43.4% |
| Small cap (<$2bn) | 23.4% |
| Developed mkts. | 87.4% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
CANADA | 65.8 % |
 |
UNITED STATES | 20.6 % |
 |
BRITAIN | 1.0 % |
Historical Performance
Standardized Performance (as of 05/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 6.2% | 7.1% | 8.5% | 4.2% | -1.0% | 0.3% | -- | 1.8% |
| Dividend Yield | 2.5% | 7.2% | 7.8% | 7.8% | 7.3% | 7.0% | -- | 7.1% |
| Total Returns | 8.7% | 14.2% | 16.3% | 11.9% | 6.3% | 7.3% | -- | 8.9% | Ann. Volatility | 13.9% | 13.0% | 13.5% | 14.1% | 15.2% | 15.5% | -- | 15.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.38 | 12% |
| MSCI EAFE | 0.35 | 17% |
| MSCI Emg Mkts | 0.19 | 9% |
Liquidity Measures
| Avg. volume (000) | 14 |
| ADV traded (mns) | $0 |
| Turnover | 0.1% |
| Avg. Bid/Ask (% of price) | 0.00% |
Technical Indicators
| 30d moving avg. (EMA) | $13.27 |
| Relative strength (RSI) | 55 |
| MACD/Signal | 0.08/0.08 |
| Bollinger Bands (Upper/Lower) | $13.57/$13.11 |
| Short interest (% of AUM) | 0.0% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MREL.TO |
Expenses vs. MREL.TO |
ALTAR Score™ vs. MREL.TO |
|---|---|---|---|---|
| VRE.TO | Vanguard FTSE Canadian Capped REIT Index ETF | 47.3% | -64 bp | +2.6% |
| ZRE.TO | BMO Equal Weight REITs Index ETF | 47.2% | -44 bp | -9.5% |
| XRE.TO | iShares S&P/TSX Capped REIT Index ETF | 40.5% | -38 bp | +5.3% |
| REIT.TO | Global X Equal Weight Canadian REITs Index ETF | 36.2% | -99 bp | -9.5% |
| TLV.TO | Invesco S&P/TSX Composite Low Volatility Index ETF | 23.0% | -69 bp | -0.8% |
| TGRE.TO | TD Active Global Real Estate Equity ETF | 20.0% | -34 bp | -3.1% |
| QRET.TO | Mackenzie Developed Markets Real Estate Index ETF | 14.7% | -59 bp | -2.3% |
| CGR.TO | iShares Global Real Estate Index ETF | 14.5% | -27 bp | -2.6% |
| MINF.TO | Middlefield Global Infrastructure Dividend ETF | 12.7% | +95 bp | -6.4% |
Risk and Returns: MREL.TO vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (CAD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 6/3/2026
Peer Group Comparison
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ETF Research Center Rating
9.5%
ALTAR SCORE™
99th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 104 funds in the Canadian Equity category with an average
ALTAR Score™ of 5.9% and a standard deviation
of 1.4%. MREL.TO's ALTAR Score™ is approximately 2.5 standard
deviations above the category average. This places MREL.TO in the 99th percentile
among funds in the category.
Sell-Side Consensus
$14.56
PRICE TARGET
+9.8%
UPSIDE