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Manulife Investment Management has updated the risk ratings for three of its ETFs, the Toronto-based company announced on Tuesday.

The risk ratings for both the Manulife Multifactor U.S. Small Cap Index ETF – Hedged Units and the Manulife Multifactor U.S. Small Cap Index ETF – Unhedged Units have been lowered from “high” to “medium to high,” Manulife said in a press release.

The risk rating for the Manulife Multifactor Canadian SMID Cap Index ETF has increased from “medium” to “medium to high.”

“The risk rating changes are based on an annual review following the methodology mandated by the Canadian Securities Administrators and are not the result of any changes to the investment objectives, strategies or management of these Manulife ETFs,” Manulife said in the release.

The changes will be reflected in the funds’ prospectuses and ETF Facts, which are expected to be filed on or around Tuesday, Manulife said.