Canada's exchange-traded fund (ETF) market grew nearly 38% in 2025, with assets reaching a record $714 billion 1, and 2026 fund flows are already pointing toward another record year2. Active ETFs now account for approximately half of all ETF net sales in Canada3, and the range of strategies being delivered through the wrapper has expanded to include quantitative models, multi-asset solutions, and thematic exposures that would once have been the exclusive preserve of traditional active funds. The line between active management and the ETF structure, once clear, is rapidly fading.
Mackenzie Investments is at the centre of what the firm itself describes as a "new era"4. With over five decades of experience as a Canadian global asset manager and nearly $300 billion in assets under management, the firm was an early mover in the Canadian ETF landscape. "ETFs to us are core," says Luke Gould, President and CEO at Mackenzie Investments. "We've always thought of them that way as a delivery vehicle and not something that's tantamount to being passive."
"We compete in a market that is global and we compete against global behemoths, but Mackenzie has the scale, the resources, everything we need to compete and win and to bring value to our clients."
Luke Gould, President and CEO, Mackenzie Investments
That breadth extends to how Mackenzie thinks about portfolio construction. Quantitative investing has been one of the most significant areas of recent focus. Alongside quant strategies, Mackenzie has expanded its international equity offering, reflecting a view that global diversification remains underrepresented in many Canadian portfolios.
The firm's ETF business grew approximately 70% over the past year, surpassing $25 billion in assets — a trajectory Mr. Gould sees continuing as the range of strategies available in ETF form keeps expanding.
About ETF Innovators
ETF Innovators is a short-form video series hosted by Valerie Grimba, Director, Global ETF Strategy, that spotlights how RBC clients are driving innovation in ETFs. The series tracks the evolution of the global ETF landscape and spotlights the leaders, ideas, and strategies powering the next wave of performance.
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