Middlefield Group announced Oct. 16 the launch of a platform of Exchange-Traded Funds. The platform will be established initially by converting two closed-end funds managed by Middlefield, Middlefield Healthcare & Life Sciences Dividend Fund and REIT INDEXPLUS Income Fund, which together represent approximately $150 million in assets.
Middlefield Healthcare & Life Sciences Dividend Fund (TSX:LS.UN) will be an actively managed diversified healthcare ETF. It invests in the securities of global healthcare and life science issuers. Dean Orrico, Middlefield's President and Chief Investment Officer, is the lead portfolio manager of the fund and Dr. Richard Evans of SSR LLC acts as industry advisor to Middlefield.
REIT INDEXPLUS Income Fund (TSX:IDR.UN) provides investors with exposure to the real estate sector through a combination of indexing and active portfolio management. Orrico is also the lead portfolio manager of REIT Indexplus. He says, "REITs are amongst the most attractive equity income vehicles available to investors providing compelling risk-adjusted returns during both up and down markets"
Special meetings of the funds will be held at which unitholders of each fund will be asked to approve its conversion into an ETF. If approved, the Manager anticipates implementing the two conversions by early 2019.