As at May 31, 2026

Meritage Tactical ETF Equity Portfolio

Advisor Series

Category: Global Equity

Investment Objective

To achieve long-term capital appreciation by making tactical investments primarily in a diverse mix of exchange-traded funds (“ETFs”) that provide exposure to global equity securities (including Canadian equity securities).

Fund Details

Investment horizon

At least 5 year

Fund volatility

Medium

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Annually

Assets Under Management ($M):

$62.0

Price per Unit:

$21.66

Inception Date:

August 26, 2016

Value of $10,000 since inception:

$25,087

Management Fee:

1.30%

MER:

1.80%

Available Fund Code:

Trust Portfolios Fund Code
Advisor Series
Initial Sales Charge NBC7446
Deferred Sales Charge NBC7546
Low Sales Charge NBC7646
F Series NBC7746
F5 Series NBC8746
T5 Series
Initial Sales Charge NBC8446
Deferred Sales Charge NBC8546
Low Sales Charge NBC8646

Portfolio Statistics

Alpha

0.01

Beta

0.87

R-squared

0.89

Standard Deviation

9.93

Sharpe

1.57

Portfolio Asset Mix (% of Net Assets)

US Equity 43.11
Canadian Equity 28.64
International Equity 26.63
Cash and Equivalents 0.58
Other 0.55
Income Trust Units 0.45
Foreign Bonds - Other 0.04
Third-Party funds %
Schwab US Broad Market ETF (SCHB) 26.34
BMO S&P/TSX Capped Composite Index ETF (ZCN) 17.85
CI MStar Canada Moment Indx ETF (WXM) 8.31
iShares Core MSCI Emerging Markets ETF (IEMG) 8.05
iShares Core MSCI EAFE ETF (IEFA) 7.14
BMO MSCI USA High Quality Index ETF (ZUQ) 5.32
Invesco S&P 500 Momentum ETF (SPMO) 4.59
Invesco S&P 500 Eql Wght ETF (RSP) 4.42
Global X Equal Weight Canadian Bks Ind ETF (HBNK) 3.62
Invesco QQQ ETF (QQQ) 3.61

Geographic Allocation

United States 43.71%
Canada 29.29%
Other 10.26%
Taiwan 3.67%
China 3.00%
Multi-National 2.37%
Korea, Republic Of 2.35%
Japan 2.33%
India 1.53%
United Kingdom 1.49%

Sector Allocation

Technology 28.73%
Financial Services 19.95%
Other 11.99%
Basic Materials 6.85%
Energy 6.57%
Consumer Services 6.36%
Industrial Goods 6.28%
Consumer Goods 4.99%
Healthcare 4.95%
Industrial Services 3.33%

Calendar Returns (%)

YTD 2025 2024 2023 2022 2021 2020
Portfolio 13.21 19.85 19.84 12.34 -9.90 15.48 6.80

Annualized Returns (%)

1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp.
Portfolio 5.35 6.55 12.90 32.89 20.36 12.09 - 9.88

*Underlying fund data are as of May 31, 2026.

As at May 31, 2026

Meritage Tactical ETF Equity Portfolio

Advisor Series

Category: Global Equity

Disclosure

Meritage Portfolios® (the "Portfolios") are managed by National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Portfolios. Please read the prospectus of the Portfolios before investing. The Portfolios’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. "Meritage Portfolios®" and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc. All trade-marks and logos of the mutual funds companies are their property. National Bank Investments Inc. is an authorized user. Fidelity Investments is a registered trade-mark of FMR LLC. ® CI Investments and the CI Investments design are trade-marks of CI Investments Inc. Dynamic Funds® is a registered trademark of its owner, used under license, and a division of GCIC Ltd. TD Asset Management Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank. The TD logo is a trade-mark of The TorontoDominion Bank. Invesco and all associated trade-marks are trade-marks of Invesco Holding Company Limited, used under licence. Trimark and all associated trade-marks are trade-marks of Invesco Canada Ltd. © Invesco Canada Ltd., 2019. Manulife Funds, Manulife Corporate Classes and Manulife Leaders Portfolios are managed by Manulife Mutual Funds. Manulife, Manulife Mutual Funds and the Manulife Mutual Funds For Your Future Logo are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.