TORONTO, Nov. 28, 2024 (GLOBE NEWSWIRE) — Middlefield Limited (the Manager), the manager of Middlefield Sustainable Global Dividend ETF (TSX:MDIV) and Middlefield Sustainable Infrastructure Dividend ETF (TSX:MINF) (collectively, the Funds), is announcing its intention to de-emphasize the environmental, sustainability, and governance (ESG) factors associated with MINF and MDIV by revising the names, investment objectives and strategies of the Funds. There will be no change to the ticker symbols of the Funds. While the Funds will continue to consider ESG criteria when selecting issuers for their portfolios, they will no longer prioritize these factors over others such as valuation, growth projections, and the quality and track record of the management team. The Manager believes these changes will broaden the investment universe of the Funds, potentially leading to better returns for investors.
| Ticker Symbol | Current Name | Revised Name |
| MDIV | Middlefield Sustainable Global Dividend ETF | Middlefield Global Dividend Growers ETF |
| MINF | Middlefield Sustainable Infrastructure Dividend ETF | Middlefield Global Infrastructure Dividend ETF |
The Manager notes that similar efforts to de-emphasize ESG factors have been undertaken by many asset management companies, including BlackRock (NYSE:), State Street (NYSE:), JPMorgan, and Pimco. Recent research from Morningstar has shown that more funds are removing rather than adding ESG mandates from their investment practices. On March 7, 2024, the Canadian Securities Administrators introduced three categories of ESG-Related Funds: ESG Objective Funds, ESG Strategy Funds, and ESG Limited Consideration Funds. Each category has distinct expectations regarding the emphasis on ESG factors in investment decisions. The Manager believes that the proposed changes will result in the Funds moving from the ESG Objective Funds category to the ESG Limited Consideration category.
Special meetings of unitholders of the Funds will be held on or about January 30, 2025, at which unitholders of record as at December 23, 2024 will be asked to approve the revisions. Further details of the meeting, including the proposed changes to the investment objectives and strategies, will be provided in an information circular to be distributed to unitholders of the Funds in advance of the special meeting. If approved, changes will be reflected in the Prospectus renewal filing of the Funds, which is expected to occur in late March 2025.
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