Linus Uhlig, Investment Week, 23 October 2025:
Investors will gain access to the Middlefield Canadian Enhanced Income UCITS ETF (MCTC) from today (23 October) as the investment trust in which activist investor Saba Capital pushed change, rolls into an ETF.
The near £80m assets under management MCTC will launch today, listed on the London Stock Exchange, Deutsche Borse Xetra, Borsa Italiana, and Euronext Dublin.
It marks the world’s first rollover of a UK close-ended investment trust into an ETF and will become the first actively managed Canadian equity-focused ETF to be made available to European investors.
Following Saba’s ‘Plan B’ campaign against a swathe of UK investment trusts earlier this year, MCT put forward a proposal to offer liquidity to shareholders and revealed in early May that it intended to wind up the trust and roll it over into an actively managed ETF.
The total assets of the Middlefield investment trust were around £150m, and the trust revealed 52.7% of investors have opted to rollover into the ETF, meaning nearly half took the opportunity to cash out.
James Carthew, head of investment company research at QuotedData, said: “So the new Middlefield Canadian Income active ETF will start life with assets of about £79m. That is not bad, but we are fascinated to see how things go from here. Many are predicting great things for active ETFs and we are going to be covering them in more detail over time.”
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