Meritage Tactical ETF Balanced Portfolio

What moved the price

• ·Market: the fund holds equities, so its value moved with the broad stock market and with the specific companies it held.
• ·Currency: the holdings are priced in foreign currency and left unhedged, so the Canadian-dollar value also moved with the exchange rate.
• ·Interest rates: for the fixed-income portion (about 31% of the fund), effective duration was about 7.3 years, so at the whole-fund level a 1% rise in rates corresponded to roughly a 2.3% price decline, and a 1% fall to a similar increase.
• ·Fund size: assets were $1M, below the level where bid-ask spreads widen and the chance of closure rises for smaller funds.
• ·Track record: the fund had about 2 months of history, too short to show how it behaved across a full market cycle.