MGEG.TO - Mackenzie Global Equity & Gold Overlay ETF

Strategy

The core is a discretionary global equity portfolio. On top, the fund holds a strategic 50% notional gold-futures overlay, producing roughly 150% gross exposure without selling equities to fund a physical-gold allocation. The overlay follows a CAD-hedged gold-futures reference, so gold return, futures roll, collateral yield, and currency hedge all matter alongside the stock book.

This is not a balanced fund with a gold allocation carved out of equities. It is a capital-efficient stack, which means the gold sleeve can help when its drivers differ from global equities but can also add losses when both legs struggle. The 1.15% management fee is material beside broad global-equity ETFs, and the fund is new and small, so use limit orders and watch spreads.

Holdings

Manager and Issuer Pedigree

MGEG is managed by Mackenzie's Multi-Asset Strategies Team, led by Nelson Arruda. The 20-person team manages about $48 billion across multi-asset, equity, and alternative mandates, and Arruda previously ran active commodities portfolios at CPP Investments, relevant experience for a gold-futures overlay.

Mackenzie Investments reported approximately $270 billion in assets under management at Aug. 31, 2026 and sits within the IGM Financial and Power Corporation group. That gives a new $4 million ETF institutional operating support, although secondary-market liquidity will still be determined by MGEG's own trading volume and creations.

Outperformance

Outperforms when global equity returns remain healthy while gold diversifies the portfolio, especially when falling real yields, a softer U.S. dollar, or policy stress support bullion without forcing a broad liquidation of risk assets.

Underperforms when equities and gold fail together, or when the gold overlay drags through a strong equity tape. Hostile tape: rising real yields and a stronger U.S. dollar. Favorable tape: falling real yields and a weaker U.S. dollar.

Official sources

Use the issuer and regulatory documents below to verify current holdings, fees, exposure, and risk disclosures.

Mackenzie Investments (MGEG)

How Alpha Stacking uses source documents and chart data

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.