MCON ETF: Mackenzie conservative wrapper holdings

Short answer: MCON is Mackenzie’s 40/60 stock-bond one-ticker conservative wrapper. Listed in September 2020, 0.19% MER, 10.3% three-year annualized return through May 2026. The cheapest conservative all-in-one on the recent Morningstar screen.

MCON is the conservative end of Mackenzie’s allocation lineup, complementing MGRW (80/20) and MBAL (60/40). Tilted toward bonds, designed for capital preservation rather than growth.

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

What MCON actually is

TSX-listed, CAD-denominated. Mackenzie Investments manages it. Fund-of-funds: holds underlying Mackenzie index components for the equity and bond sleeves.

MCON fund facts
Attribute	Value
Ticker	MCON (TSX)
Inception	September 29, 2020
Asset mix	about 40/60 stocks/bonds
MER	0.19%
Net assets	about $37.9M (May 2026)
3-year annualized return	10.3% (through May 19, 2026)

What MCON holds

MCON asset allocation

Fixed income 55.6%

U.S. equity 18.7%

Canadian equity 11.6%

International equity 10.9%

Cash 3.1%

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

The fee

Fee drag calculator

How much MCON's MER costs vs XCNS over time

Starting balance Annual contribution Years Gross return %

Extra cost from MCON

That's what you pay MCON (0.19%) over 20 years above what XCNS (0.2%) would charge on the same portfolio.

MCON total fees

XCNS total fees

Peer comparison: XCNS, iShares Core Conservative 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.

Cheaper than XCNS by 1 bp. The lowest-fee conservative wrapper on the Morningstar Five Star list.

Tax treatment

Tax treatment for Canadian investors

Distribution frequency: Monthly
What distributions are made of: Bond interest (dominant slice)
Canadian dividends
Foreign income from U.S./international equity
In a registered account: A TFSA or RRSP is the most natural home. The bond-heavy mix produces interest income that gets sheltered there.
In a non-registered account: Bond interest is taxed at full marginal rate outside a registered account, which makes MCON one of the least tax-efficient placements in a taxable account. If you need a conservative wrapper in a taxable account, look at preferred shares or dividend equity blends instead.

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 MCON compares to alternatives

MCON vs XCNS. Same 40/60 mix, MCON is 1 bp cheaper. XCNS has bigger AUM and more trading volume.
MCON vs GCNS. Same 40/60 mix. GCNS adds ESG screen for 4 bps more. Pick based on ESG preference.
MCON vs a GIC ladder. A GIC ladder is principal-protected but offers no equity upside. MCON gives you an equity sleeve but no principal guarantee. Different tools.

Frequently asked questions

What is MCON.TO?

Mackenzie Conservative Allocation ETF. A one-ticker 40/60 stock-bond wrapper for capital-preservation-tilted investing.

What is MCON’s MER?

0.19%. The cheapest conservative allocation ETF in the recent Morningstar Five Star and Gold cohort.

Why is MCON small?

Mackenzie’s allocation lineup has grown more slowly than iShares and Vanguard equivalents. The conservative end is also less popular than balanced and growth across the industry, so MCON is the smallest of the three Mackenzie allocation ETFs.

Did MCON drop hard in 2022?

Yes. The 2022 rate shock hit bonds and equities simultaneously, which was unusual. Conservative wrappers like MCON, which have most of their weight in bonds, took a real hit. The recovery since has been steady.

Where should I hold MCON?

In a TFSA or RRSP, ideally. The bond-heavy mix is best sheltered.

Should I pick MCON over MBAL or MGRW?

It depends on your risk tolerance and time horizon. If you can hold for 20+ years and stomach 30%+ drawdowns, MGRW (80/20) compounds harder. If you need the money in 5 to 10 years or can’t stomach volatility, MCON (40/60) is the right rung.

The honest verdict

Good fit for

DIY investors near or in retirement who want a low-fee one-ticker conservative wrapper inside a registered account.

Skip if

You're early in accumulation (the bond-heavy mix is too defensive), you need principal protection (use GICs), or you prefer the ESG screen (GCNS).

Cheaper alternative XCNS · iShares Core Conservative Balanced ETF Portfolio · MER 0.20%

Bottom line

MCON is the cheapest conservative allocation wrapper among the Morningstar Five Star 2020 and 2021 launches. The mix is built for preservation, not growth. Match the wrapper to your horizon and risk tolerance, hold it inside a registered account, and don’t expect equity-like returns from a fund with 55%+ in bonds.

MCON ETF: what Mackenzie Conservative Allocation ETF is, what it holds, and how it works