Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO)

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This actively managed fund primarily focuses on Canadian fixed income, including debt issued by both government bodies and corporations. Up to 15% of the fund may be allocated to higher-yielding securities, conditional on the portfolio's overall credit quality staying at or above an A- rating. Furthermore, it can hold up to 30% in international investments. A minimum of 30% of the portfolio is dedicated to government debt obligations. To minimize price volatility, the portfolio advisor caps the weighted average term to maturity of its investments at five years or less. For high-quality bonds, the manager analyzes macroeconomic factors like economic growth, inflation, and monetary/fiscal policy to strategically adjust the portfolio's maturity and credit exposure across various stages of the business cycle. Lower credit quality holdings are assessed through a detailed, bottom-up valuation methodology.