MGRW ETF: Mackenzie growth wrapper holdings, MER

Short answer: MGRW is Mackenzie’s 80/20 stock-bond one-ticker growth wrapper. Listed in September 2020, 0.18% MER, 18.0% three-year annualized return through May 2026. The lowest-fee growth allocation ETF among the Morningstar-rated cohort.

If you want a one-ticker growth portfolio and price is the headline criterion, MGRW is the cheapest survivor on the recent Morningstar screen of 2020 and 2021 launches. Smaller AUM than the Fidelity or iShares equivalents, same underlying job.

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

What MGRW actually is

TSX-listed, CAD-denominated. Mackenzie Investments manages it. Fund-of-funds structure: MGRW holds underlying Mackenzie index-tracking ETFs for equities and bonds.

MGRW fund facts
Attribute	Value
Ticker	MGRW (TSX)
Inception	September 29, 2020
Asset mix	about 80/20 stocks/bonds, globally diversified
MER	0.18%
Net assets	about $74.2M (May 2026)
3-year annualized return	18.0% (through May 19, 2026)

What MGRW holds

MGRW asset allocation

U.S. equity 36.6%

Canadian equity 22.7%

International equity 21.4%

Fixed income 18.1%

Cash 1.2%

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

The fee

Fee drag calculator

How much MGRW's MER costs vs XGRO over time

Starting balance Annual contribution Years Gross return %

Extra cost from MGRW

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

MGRW total fees

XGRO total fees

Peer comparison: XGRO, iShares Core Growth 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.

MGRW is 2 bps cheaper than XGRO. That’s the headline. Over a long horizon on a large portfolio, the gap is modest but real. The smaller AUM means tighter bid-ask spreads matter more, so check the spread before trading.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Quarterly
What distributions are made of: Mix of Canadian dividends, foreign income, and bond interest
Capital gains from underlying fund-of-funds activity
In a registered account: In a registered account, all distributions are sheltered. Most natural placement.
In a non-registered account: The bond sleeve plus foreign-income slice make 80/20 wrappers less tax-efficient than equity-only wrappers in a non-registered account.

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 MGRW compares to alternatives

MGRW vs XGRO vs VGRO. Same 80/20 wrapper category. MGRW at 0.18% beats XGRO at 0.20% and VGRO at roughly 0.24%. The trade-off is smaller AUM and lower trading volume.
MGRW vs FGRO. FGRO is Fidelity’s 80/20 wrapper at 0.42%, much larger AUM. MGRW is structurally similar at less than half the cost. Stick with MGRW for cost; pick FGRO if you specifically want Fidelity’s active underlying tilts.
MGRW vs GGRO. Same 80/20 mix, no ESG screen. 6 bps cheaper than GGRO. Pick GGRO if ESG matters; MGRW if it doesn’t.

Frequently asked questions

What is MGRW.TO?

MGRW is Mackenzie Growth Allocation ETF. A one-ticker 80/20 stock-bond ETF that holds underlying Mackenzie index components.

What is MGRW’s MER?

0.18%. The cheapest growth-allocation wrapper on the Morningstar Five Star and Gold list of 2020 and 2021 launches.

Why is MGRW so cheap?

Mackenzie prices the allocation ETFs aggressively to compete for assets. The underlying components are cap-weighted index trackers, which keeps operating costs low.

Should I switch from XGRO or VGRO?

Switching for 2 to 6 basis points doesn’t usually justify the capital-gains tax cost in a non-registered account. For new contributions, the cheaper wrapper is rational. In a registered account, switching is friction-free.

How small is MGRW compared to peers?

about $74M AUM is small relative to XGRO (multi-billion) and VGRO (multi-billion). Mackenzie’s allocation ETFs have grown more slowly than iShares and Vanguard equivalents. The small AUM is not a quality issue but it does mean lower trading volume and slightly wider bid-ask spreads.

Is the 80/20 right for me?

Most accumulation-phase investors with a 20+ year horizon can handle 80/20 or more aggressive. If you’re in or near retirement, look at MBAL (60/40) or MCON (40/60) instead.

The honest verdict

Good fit for

DIY investors who want a one-ticker 80/20 portfolio at the lowest available fee, comfortable with smaller AUM and slightly wider spreads.

Skip if

You value tight trading spreads more than the 2 to 6 bps fee saving. XGRO or VGRO have higher volume.

Cheaper alternative XGRO · iShares Core Growth ETF Portfolio · MER 0.20%

Bottom line

MGRW does the same structural job as XGRO and VGRO for less. The catch is smaller AUM. If you’re contributing regularly and care about long-term cost, MGRW makes sense. If you trade often or care about spread, the larger competitors are smoother to operate.

MGRW ETF: what Mackenzie Growth Allocation ETF is, what it holds, and how it works