MBAL ETF: what Mackenzie Balanced Allocation ETF is, what it holds, and how it works
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.
| 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
The fee
2 bps cheaper than XBAL. Same job, marginally lower cost.
Tax treatment
How MBAL compares to alternatives
- MBAL vs XBAL vs VBAL. Same 60/40 category. 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.
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.
The honest verdict
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.
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