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Middlefield US Equity Dividend ETF (MUSA.TO) ETF Analysis

MUSA.TO

Expense ratio 1.22% Yield 1.45% Assets CA$54.72M Since December 19, 2013 Family Middlefield Limited

Last Updated: October 20, 2026

CA$27.30

+CA$0.17 (+0.63%)

October 20, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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MUSA.TO Annualized Returns

With dividends reinvested · as of October 20, 2026

Period	Total return	Annualized	CA$100 becomes	CA$300 becomes
1 year	+21.08%	+21.08%	CA$121.08	CA$363.24
3 years	+95.90%	+25.13%	CA$195.90	CA$587.71
5 years	+84.80%	+13.07%	CA$184.80	CA$554.39
10 years	+285.91%	+14.46%	CA$385.91	CA$1,157.73

Returns are total returns computed from daily closes, with dividends reinvested. As of October 20, 2026.

MUSA.TO Return by Calendar Year

2016 and 2026 are partial years

−22.81%+43.54%+24.50%

2016*2017201820192020202120222023202420252026*

View as table ↓View as chart ↑

Year	Return
2026 (partial year)	+24.50%
2025	+0.26%
2024	+43.54%
2023	+22.07%
2022	−22.81%
2021	+27.04%
2020	+15.76%
2019	+22.87%
2018	−1.37%
2017	+13.98%
2016 (partial year)	+10.98%

MUSA.TO Monthly Returns

−13%+15%

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	+4.8	+1.3	−8.8	+14.2	+9.4	+5.8	−5.3	+4.3	+2.5	−3.9	—	—
2025	+2.6	−6.0	−8.1	−2.8	+3.2	+4.1	+3.2	+1.8	+3.8	+2.3	−2.1	−0.9
2024	+7.4	+4.3	+3.3	−0.6	+2.6	+7.6	−2.3	+1.6	+3.0	+4.7	+5.4	+0.1
2023	+2.5	+1.0	+2.9	+2.1	+1.1	+1.4	+2.1	+2.5	−4.8	−0.9	+7.9	+2.8
2022	−9.9	−1.3	+2.4	−12.1	−2.3	−6.9	+5.6	−1.4	−4.1	+6.6	+3.1	−3.4
2021	+2.6	−2.5	+0.7	+3.5	−2.1	+7.0	+3.1	+4.5	−3.1	+4.3	+5.5	+1.3
2020	+1.9	−9.2	−4.0	+9.7	+3.0	+2.4	+3.4	+4.1	−0.6	−1.4	+4.0	+2.5
2019	+6.0	+5.8	+0.4	+6.8	−6.1	+1.7	+3.6	−5.0	+2.5	+1.5	+4.4	−0.1
2018	+1.9	+3.2	−4.0	+1.6	+3.0	+4.8	−2.0	+3.1	+1.6	−7.3	+2.5	−8.5
2017	−0.9	+3.3	+0.8	+3.6	−0.1	−2.0	−3.2	−2.1	+2.8	+5.4	+5.9	+0.1

Monthly total returns with dividends reinvested; each cell prints its signed value.

MUSA.TO Volatility & Risk

Volatility: 10 yrs · Beta: 3 yrs

Annualized volatility: 16.25%
Beta (3y): 1.10
Best year: +43.54%
Worst year: −22.81%

Volatility is the annualized standard deviation of daily returns. As of October 20, 2026.

Top Holdings

#	Symbol	Name	Weight
1	MHCD.TO	Middlefield Healthcare Dividend ETF	6.54%
2	NVDA	NVIDIA Corp	6.52%
3	TSM	Taiwan Semiconductor Manufacturing Co Ltd ADR	6.34%
4	MSFT	Microsoft Corp	5.27%
5	MU	Micron Technology Inc	4.92%
6	SMSN	Samsung Electronics Co Ltd DR	4.7%
7	AMZN	Amazon.com Inc	4.6%
8	SONY	Sony Group Corp ADR	4.6%
9	TTWO	Take-Two Interactive Software Inc	4.38%
10	META	Meta Platforms Inc Class A	3.37%

Analysis

Data-derived

Fund Overview

Middlefield US Equity Dividend ETF (MUSA.TO) is an exchange-traded fund. The fund is issued by Middlefield Limited. It has been trading since December 19, 2013. Total net assets stand at CA$54.72M. The expense ratio is 1.22%. On a CA$10,000 position that is CA$122.00 a year.

Its biggest positions are Middlefield Healthcare Dividend ETF (MHCD.TO), NVIDIA Corp (NVDA), and Taiwan Semiconductor Manufacturing Co Ltd ADR (TSM). Middlefield Healthcare Dividend ETF alone accounts for 6.54% of the portfolio. The ten largest positions together make up 51.25% of the fund.

Performance Analysis

MUSA.TO last closed at CA$27.30 on October 20, 2026. Over the trailing twelve months the total return is +21.08%. Across 10 years the annualized return works out at +14.46%. The trailing distribution yield is 1.45%.

Across the complete calendar years on file, 2024 returned +43.54% and 2022 returned −22.81%. Of the 9 complete calendar years on file, 7 finished higher. So far in 2026 the total return is +24.50%.

Price & Risk Profile

Daily returns over the trailing 10 years annualize to a volatility of 16.25%. Beta against the wider market is reported at 1.1. Over the past 52 weeks the price has ranged from CA$21.45 to CA$28.92. The latest close sits 27.27% above that 52-week low. The volatility figure is calculated from the stored daily closes, the same series the charts on this page use.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 20, 2026.

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