GBAL ETF: ESG 60/40 balanced portfolio holdings

Short answer: GBAL is iShares’ 60/40 stock-bond ESG-screened portfolio ETF. Listed in September 2020, 0.24% MER, 15.2% three-year annualized return through May 2026. The balanced rung on the iShares ESG ladder.

GBAL sits between GGRO (80/20) and GCNS (40/60). It is the natural one-ticker home for most middle-of-the-road investors who also want an ESG overlay.

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

What GBAL actually is

TSX-listed, CAD-denominated, fund-of-funds. Equity sleeve uses iShares ESG-screened components, bond sleeve uses standard iShares bond index components.

GBAL fund facts
Attribute	Value
Ticker	GBAL (TSX)
Inception	September 2, 2020
Asset mix	about 60/40 stocks/bonds, ESG-screened equity
MER	0.24%
Net assets	about $243.0M (May 2026)
3-year annualized return	15.2% (through May 19, 2026)

What GBAL holds

GBAL asset allocation

Fixed income 35.8%

U.S. equity 30.1%

Canadian equity 17.7%

International equity 15.1%

Cash 1.4%

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

The fee

Fee drag calculator

How much GBAL's MER costs vs XBAL over time

Starting balance Annual contribution Years Gross return %

Extra cost from GBAL

That's what you pay GBAL (0.24%) over 20 years above what XBAL (0.2%) would charge on the same portfolio.

GBAL total fees

XBAL total fees

Peer comparison: XBAL, iShares Core Balanced 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.

4 bps above XBAL.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Quarterly
What distributions are made of: Bond interest from the fixed-income sleeve (taxed as ordinary income in non-registered)
Canadian eligible dividends
Foreign income from U.S./international equity components
Capital gains from underlying fund rebalancing
In a registered account: The fixed-income sleeve is the main tax-efficiency lever. In a TFSA, RRSP, FHSA, or RESP, bond interest is sheltered, which matters more here than in equity-only wrappers.
In a non-registered account: The 35%+ bond sleeve means meaningful interest income in a non-registered account. Plan placement carefully.

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 GBAL compares to alternatives

GBAL vs XBAL. Same 60/40 structure, GBAL adds the ESG screen on equities for 4 bps.
GBAL vs FBAL. Both are 60/40 wrappers. FBAL is Fidelity’s, costs 0.40% MER (16 bps more), uses Fidelity’s own underlying funds. GBAL is cheaper and uses index components.

Frequently asked questions

What is GBAL.TO?

GBAL is iShares ESG Balanced ETF Portfolio. 60/40 stock-bond split, equity components ESG-screened.

What is GBAL’s MER?

0.24%. 4 bps above XBAL.

Where should I hold GBAL?

Inside a registered account, ideally. The fixed-income sleeve produces interest income, which is the least tax-efficient distribution type in a non-registered account.

Is GBAL right for retirement?

GBAL fits a moderate risk profile, which works for many investors approaching or in early retirement. Whether it’s right for you depends on your spending plan, other income sources, and risk tolerance.

What’s the difference between GBAL and FBAL?

GBAL uses iShares index components, charges 0.24%. FBAL uses Fidelity’s underlying funds, charges 0.40%. Same 60/40 conceptually, different implementation and cost.

Can I use GBAL as a complete portfolio?

Yes, in the sense that it covers global equity and fixed income in one ticker. Whether one ticker is your complete portfolio depends on whether you want tilts on top (factor, REITs, gold, etc.).

The honest verdict

Good fit for

Moderate-risk DIY investors who want a one-ticker 60/40 portfolio with an ESG screen and don't want to manage stock-bond allocation themselves.

Skip if

You have no ESG preference (XBAL does the same for 4 bps less), or you want a sharper tilt than 60/40 (look at GGRO or GCNS instead).

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

Bottom line

GBAL is the iShares ESG ladder’s middle rung. Reasonable price, broad diversification, ESG screen on equities. If 60/40 fits your risk tolerance and you want the screen, GBAL is a credible one-ticker pick.

GBAL ETF: what iShares ESG Balanced ETF Portfolio is, what it holds, and how it works