MBAL ETF: Mackenzie balanced wrapper holdings, MER

Short answer: MBAL is Mackenzie’s 60/40 stock-bond one-ticker balanced wrapper. Listed in September 2020, 0.18% MER, 14.1% three-year annualized return through May 2026. The cheapest balanced allocation ETF on the recent Morningstar Five Star and Gold list.

MBAL is the middle rung of Mackenzie’s allocation lineup. Same job as XBAL or VBAL at a slightly lower fee.

Not financial advice. Fund details change. Check current disclosures.

What MBAL actually is

TSX-listed, CAD-denominated. Mackenzie Investments runs it as a fund-of-funds wrapper over Mackenzie’s index components for the equity and bond sleeves.

MBAL fund facts
Attribute	Value
Ticker	MBAL (TSX)
Inception	September 29, 2020
Asset mix	about 60/40 stocks/bonds
MER	0.18%
Net assets	about $212.4M (May 2026)
3-year annualized return	14.1% (through May 19, 2026)

What MBAL holds

MBAL asset allocation

Fixed income 36.7%

U.S. equity 27.7%

International equity 16.2%

Canadian equity 17.2%

Cash 2.2%

Source: Morningstar Direct, data as of May 19, 2026, via The Globe and Mail.

The fee

Fee drag calculator

How much MBAL's MER costs vs XBAL over time

Starting balance Annual contribution Years Gross return %

Extra cost from MBAL

That's what you pay MBAL (0.18%) over 20 years above what XBAL (0.2%) would charge on the same portfolio.

MBAL total fees

XBAL total fees

Peer comparison: XBAL, iShares Core Balanced ETF Portfolio. Assumes constant gross return, annual contributions made at year-end, and MER charged on average annual balance. Real returns vary.

For illustration only. Simplified compounding. Ignores trading costs, tracking error, distribution reinvestment timing, taxes, and the obvious fact that real returns are not constant. MERs and peer fees as of May 2026 and may change. Do not use this number as the basis for a real decision.

2 bps cheaper than XBAL. Same job, marginally lower cost.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Monthly
What distributions are made of: Bond interest from the 37% fixed-income sleeve
Canadian dividends, foreign income, and modest capital gains
In a registered account: Best held inside a TFSA, RRSP, FHSA, or other registered account. The bond sleeve's interest income gets sheltered.
In a non-registered account: The bond sleeve is the tax drag. In a non-registered account, MBAL is less efficient than an equity-only wrapper.

General guidance, not tax advice. Distribution composition shifts year to year, and edge cases (currency-hedged wrappers, fund-of-funds structures, the U.S.-Canada treaty's reach inside an RRSP) can change the picture. Confirm with the issuer's current T3 disclosures and a tax professional before acting.

How MBAL compares to alternatives

MBAL vs XBAL vs VBAL. Same 60/40 category, the same shape as the popular all-in-one ETFs like XEQT and VEQT. MBAL is the cheapest at 0.18%; XBAL is 0.20%, VBAL roughly 0.24%. Smaller AUM and lower volume than XBAL or VBAL.
MBAL vs FBAL. FBAL is Fidelity’s 60/40 wrapper at 0.40% MER. MBAL is cheaper but uses index components; FBAL uses Fidelity’s actively managed underlyings.
MBAL vs GBAL. Same 60/40 mix. GBAL adds the ESG screen for 6 bps more. If you are scanning the wider set of other recent ETF launches, MBAL is the low-fee balanced anchor.

Frequently asked questions

What is MBAL.TO?

Mackenzie Balanced Allocation ETF. A one-ticker 60/40 stock-bond wrapper with global equity and Canadian bond exposure.

What is MBAL’s MER?

0.18%. Tied with MGRW as the cheapest in Mackenzie’s allocation lineup, and cheaper than the equivalent iShares and Vanguard balanced wrappers.

Should I switch from XBAL or VBAL?

In a registered account, switching for 2 to 6 bps is reasonable. In a non-registered account, factor in the tax cost on any capital gain before switching.

Why is MBAL smaller than XBAL?

XBAL has had longer to build assets and benefits from iShares’ brand and distribution. MBAL has grown steadily but remains a smaller fund. The smaller AUM means slightly wider bid-ask spreads but does not change the structural exposure.

Where should I hold MBAL?

Inside a TFSA or RRSP, ideally. The 37% bond sleeve produces interest income best sheltered in a registered account.

Is MBAL right for me?

If your risk tolerance and time horizon line up with a 60/40 mix (most middle-of-the-road investors), MBAL is a credible one-ticker pick. Match the rung to your situation: MGRW for accumulation, MBAL for balanced, MCON for capital preservation.

Is MBAL a good ETF?

For a long-term holder who wants one balanced ticker and cares most about cost, MBAL is a credible pick: it does the same 60/40 job as XBAL and VBAL at the lowest fee in the Morningstar-rated cohort. The main trade-off is smaller AUM, which can mean slightly wider spreads. It is best suited to investors contributing regularly into a registered account rather than active traders.

MBAL vs XBAL?

Both are 60/40 one-ticker balanced wrappers with very similar global stock and bond exposure. MBAL is 2 bps cheaper at 0.18% versus 0.20%, while XBAL has far larger AUM and higher trading volume, so its spreads tend to be tighter. In a registered account the fee edge favours MBAL; if you trade often or value liquidity, XBAL is smoother to operate.

The honest verdict

Good fit for

DIY investors who want the cheapest 60/40 one-ticker wrapper available among Morningstar-rated peers, comfortable with slightly smaller AUM.

Skip if

You trade frequently and value tight spreads more than 2 to 6 bps in fees, or you want the ESG screen (GBAL is the equivalent with screen).

Cheaper alternative XBAL · iShares Core Balanced ETF Portfolio · MER 0.20%

Bottom line

MBAL is the lowest-fee 60/40 balanced wrapper among the Morningstar Five Star and Gold cohort. Same structural job as the larger XBAL and VBAL, at a couple of basis points lower. The trade-off is smaller AUM. For long-term holders contributing into a registered account, MBAL is a sensible default.

MBAL ETF: what Mackenzie Balanced Allocation ETF is, what it holds, and how it works