GEQT ETF: ESG all-equity portfolio, holdings, MER

Short answer: GEQT is iShares’ all-equity, ESG-screened, globally diversified one-ticker portfolio ETF. Listed in September 2020, 0.25% MER, 22.7% three-year annualized return through May 2026. It is the top rung on the iShares ESG portfolio ladder. Same structure as XEQT, with an ESG screen applied to the underlying components.

GEQT is the 100% equity step on iShares’ ESG portfolio ladder, which steps down through GGRO (80/20), GBAL (60/40), and GCNS (40/60). All four use ESG-screened iShares index components instead of the standard ones.

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

What GEQT actually is

GEQT is an ETF listed on the TSX in CAD. iShares Canada manages it. The structure is fund-of-funds: GEQT holds a basket of underlying iShares ESG-screened index ETFs covering Canadian, U.S., and international developed (EAFE) equity. The ESG screen excludes tobacco, controversial weapons, severe ESG controversies, and lowest-rated ESG companies.

GEQT fund facts
Attribute	Value
Ticker	GEQT (TSX)
Inception	September 2, 2020
Asset mix	100% equities, globally diversified, ESG-screened
MER	0.25%
Strategy	Active allocation, passive underlying index components
Currency	CAD
Net assets	about $244.3M (May 2026)
3-year annualized return	22.7% (through May 19, 2026)

What GEQT holds

GEQT asset allocation

U.S. equity 47.6%

Canadian equity 28.9%

International equity 22.9%

Cash 0.6%

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

The Canadian weighting is higher than XEQT (which sits around 24%), which is typical of the iShares Canadian wrapper preference. Currency is unhedged on the non-CAD sleeve.

What GEQT actually holds, fund by fund. GEQT isn’t holding stocks directly. It holds three underlying iShares ESG Advanced index ETFs, and those funds hold the roughly 1,000 individual companies underneath. The three components:

GEQT underlying holdings
Underlying ETF	Exposure	Approx. weight
XUSR (iShares ESG Advanced MSCI USA Index ETF)	U.S. equity	~46%
XCSR (iShares ESG Advanced MSCI Canada Index ETF)	Canadian equity	~30%
XDSR (iShares ESG Advanced MSCI EAFE Index ETF)	International developed (EAFE)	~23%

One thing worth flagging: those three cover the U.S., Canada, and international developed markets, but there’s no dedicated emerging-markets component. XEQT carries a small emerging-markets sleeve (around 5%); GEQT effectively doesn’t. So GEQT is both ESG-screened and developed-markets-only, a second difference from XEQT beyond the screen itself.

The fee

GEQT’s MER is 0.25%, only 5 basis points above XEQT (0.20% after BlackRock’s December 2025 fee cut). That gap is the cost of the ESG screening overlay.

Fee drag calculator

How much GEQT's MER costs vs XEQT over time

Starting balance Annual contribution Years Gross return %

Extra cost from GEQT

That's what you pay GEQT (0.25%) over 20 years above what XEQT (0.2%) would charge on the same portfolio.

GEQT total fees

XEQT total fees

Peer comparison: XEQT, iShares Core Equity ETF Portfolio, the non-ESG sibling. 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.

5 basis points is a small premium for the screen. If ESG matters to you, this is a low-friction way to express it.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Quarterly
What distributions are made of: Mix of Canadian eligible dividends, U.S./international foreign income, and modest capital gains
Roughly tracks XEQT's distribution composition with similar tax treatment
In a registered account: Behaves like any global equity all-in-one in a registered account. All distributions sheltered.
In a non-registered account: Foreign income from U.S./international components is the least efficient slice. ACB tracking matters as the fund-of-funds structure produces multiple distribution events per year.

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 GEQT compares to alternatives

GEQT vs XEQT. Same global all-equity wrapper, GEQT adds the ESG screen for 5 bps. If you don’t have a strong ESG preference, XEQT is the cleaner default.
GEQT vs the rest of the GEQT/GGRO/GBAL/GCNS ladder. Same ESG framework, different stock/bond mix. Pick the rung that matches your risk tolerance.
GEQT vs CLML or thematic ESG. GEQT is a broad ESG-screened equity wrapper; CLML and similar themed funds make sharper sector bets. GEQT is the core; thematic is the tilt.

Frequently asked questions

What is GEQT.TO?

GEQT is iShares ESG Equity ETF Portfolio. It is a one-ticker, 100% equity, globally diversified, ESG-screened ETF that uses iShares’ ESG-screened index components inside a single Canadian-listed wrapper.

What is GEQT’s MER?

0.25%. That is 5 basis points above XEQT (the non-ESG sibling) and reasonable for an ESG-screened all-in-one.

What does GEQT hold?

GEQT holds three underlying iShares ESG Advanced index ETFs: XUSR (U.S.), XCSR (Canada), and XDSR (international developed/EAFE), at roughly 46%, 30%, and 23%. Look-through holdings are the roughly 1,000 individual stocks inside those three components. Unlike XEQT, there is no dedicated emerging-markets component.

How strict is the ESG screen?

The screen excludes tobacco, controversial weapons, severe ESG controversies, and the lowest-rated ESG companies in each sector. It is not a deep-green or impact-investing screen. It tilts the broad market away from the worst ESG performers without dramatically changing sector weights.

Is GEQT actively managed?

The allocation across regions is set by iShares and rebalanced; the underlying index components are passive. So GEQT is best described as active allocation with passive underlying components.

Can I hold GEQT in a TFSA, RRSP, or FHSA?

Yes. GEQT trades on the TSX in CAD and is eligible in all standard Canadian registered accounts. Most tax-efficient placement is in registered accounts because of the foreign-income slice.

How does GEQT compare to ZEQT?

ZEQT is BMO’s all-equity ETF without an ESG screen. GEQT is iShares’ all-equity ETF with the screen. The structural difference is the issuer and the screen overlay, not the underlying market exposure.

The honest verdict

Good fit for

DIY investors who want one ticker, 100% equity, global diversification, and an ESG screen, all for a sub-25 bps fee.

Skip if

ESG screening is not a priority for you. XEQT delivers the same structure for 5 bps less.

Cheaper alternative XEQT · iShares Core Equity ETF Portfolio · MER 0.20%

Bottom line

GEQT is a low-friction way to express ESG preferences without sacrificing diversification or paying a steep premium. If ESG matters to you, the 5 bp gap to XEQT is fair. If it doesn’t, XEQT does the same job for less.

GEQT ETF: what iShares ESG Equity ETF Portfolio is, what it holds, and how it works