All-in-One ETFs in Canada 2026: VEQT vs XEQT vs ZEQT and Fees Compared
$25,000 plus $250 a month for 25 years, all stocks, at 6.5% a year before fees. Fees are taken monthly as a share of the balance.
- ZEQT (BMO) 0.18%$292,221$5,671 in fees over 25 years
- XEQT (iShares) 0.19%$291,659$5,979 in fees over 25 years
- VEQT (Vanguard) 0.22%$289,979$6,896 in fees over 25 years
- Average Canadian equity mutual fund 1.88%$212,124$47,897 in fees over 25 years
Turn on JavaScript to change the numbers. The figures shown are for $25,000 plus $250 a month for 25 years, all stocks.
The short answer
The BMO all-in-one ETFs (ZEQT, ZGRO, ZBAL) had the lowest MER we found, 0.18% as of September 30, 2026. iShares XEQT was 0.19% and XGRO 0.20%; Vanguard’s VEQT, VGRO and VBAL were 0.22%. Between the three issuers the gap is a few dollars a year on a typical balance. The gap that matters is against mutual funds: Canadian equity mutual funds averaged 1.88% and balanced funds 1.93% in 2024.
Pick the mix (all stocks, 80/20 or 60/40) first, then the issuer. The calculator shows what each ETF of that mix and a typical mutual fund leave you with after the years you choose.
All-in-one ETFs compared
| ETF | Issuer | Stocks / bonds | MER | MER as of |
|---|---|---|---|---|
| ZEQT BMO All-Equity ETF | BMO | 100 / 0 | 0.18% | September 30, 2026 |
| XEQT iShares Core Equity ETF Portfolio | iShares | 100 / 0 | 0.19% | September 30, 2026 |
| VEQT Vanguard All-Equity ETF Portfolio | Vanguard | 100 / 0 | 0.22% | March 31, 2026 (fee cut to 0.17% on November 18, 2025) |
| ZGRO BMO Growth ETF | BMO | 80 / 20 | 0.18% | September 30, 2026 |
| XGRO iShares Core Growth ETF Portfolio | iShares | 80 / 20 | 0.20% | June 19, 2026 |
| VGRO Vanguard Growth ETF Portfolio | Vanguard | 80 / 20 | 0.22% | October 29, 2026 |
| ZBAL BMO Balanced ETF | BMO | 60 / 40 | 0.18% | September 30, 2026 |
| XBAL iShares Core Balanced ETF Portfolio | iShares | 60 / 40 | 0.19% | June 19, 2026 |
| VBAL Vanguard Balanced ETF Portfolio | Vanguard | 60 / 40 | 0.22% | September 30, 2026 |
MERs from each issuer’s fact sheet or ETF Facts, with the date shown. Vanguard cut its management fee on these ETFs from 0.22% to 0.17% on November 18, 2025; the 0.22% MER is for the fund year ended March 31, 2026, so the next reported MER may be lower.
What an all-in-one ETF holds
Each one is a single fund that owns several index ETFs covering thousands of stocks in Canada, the US and other countries, plus bonds in the balanced versions, and rebalances itself to its target mix. VEQT, for example, held about 45.5% US stocks, 29.7% Canadian, 17.6% developed markets outside North America and 7.2% emerging markets on September 30, 2026. You buy one ticker and hold it; there is nothing to rebalance yourself.
Picking the mix
- All stocks (ZEQT, XEQT, VEQT). For money you will not touch for 10 years or more and can watch fall by a third without selling.
- 80% stocks, 20% bonds (ZGRO, XGRO, VGRO). Most of the growth with a little less of the drop.
- 60% stocks, 40% bonds (ZBAL, XBAL, VBAL). Steadier, for shorter horizons or people who would lose sleep over large swings.
Money you need within about five years usually belongs in a GIC or savings account instead; see how to start investing.
Does the issuer matter?
Very little. The 0.04-point gap between a 0.18% and a 0.22% MER is $10 a year on $25,000. The three issuers’ funds differ slightly in how much they hold in Canada and the US and in how they weight international markets, which affects returns far more than the fee difference in any given year, in either direction. Choose one, and do not switch for a few hundredths of a percent.
Distributions and tax
These ETFs pay small distributions; XEQT’s fact sheet showed a 0.90% distribution yield on September 30, 2026. Inside a TFSA or RRSP that does not matter for tax. In a non-registered account, distributions are taxable each year. Part of the US and international dividends inside the fund is lost to foreign withholding tax in every account type; our withholding tax guide explains how much.
How the calculator works
Each month the balance grows by the expected return for the mix, the fund’s MER is taken as one-twelfth of the yearly rate on the current balance, then your monthly deposit is added. Expected returns before fees come from the FP Canada 2026 Projection Assumption Guidelines: 6.5% for stocks (our blend of their Canadian, US, international and emerging market figures at VEQT’s regional weights) and 3.2% for bonds, so 5.84% for 80/20 and 5.18% for 60/40. Mutual fund MERs are the 2024 asset-weighted averages published by the Ontario Securities Commission.
Frequently asked questions
What is the difference between VEQT, XEQT and ZEQT?
All three are all-stock, all-in-one ETFs that hold thousands of stocks worldwide through other index ETFs. They differ slightly in country weights and fees: ZEQT had a 0.18% MER and XEQT 0.19% on September 30, 2026, and VEQT 0.22% for the year to March 31, 2026.
Which all-in-one ETF has the lowest fee?
In our October 30, 2026 check, BMO’s ZEQT, ZGRO and ZBAL had the lowest MER at 0.18%, according to BMO’s September 30, 2026 fact sheets.
Should I choose all stocks, 80/20 or 60/40?
It depends on when you need the money and how you handle drops. All stocks suits money you will not touch for 10 years or more; 60/40 is steadier for shorter horizons. Money needed within about five years usually belongs in a GIC or savings account.
Are ETFs covered by CDIC deposit insurance?
No. CDIC covers deposits and GICs, not ETFs, stocks or mutual funds. If the brokerage holding your ETFs fails, CIPF covers missing property up to $1 million per account category, but not a fall in market value.
- Issuer documents: ZEQT (September 30, 2026); XEQT (September 30, 2026); VEQT (MER as of March 31, 2026); ZGRO (September 30, 2026); XGRO (June 19, 2026); VGRO (October 29, 2026); ZBAL (September 30, 2026); XBAL (June 19, 2026); VBAL (September 30, 2026). Checked October 30, 2026.
- Vanguard Canada: fee cut on asset allocation ETFs, November 18, 2025; Ontario Securities Commission: asset-weighted mutual fund MERs (2024 data); FP Canada 2026 Projection Assumption Guidelines, April 16, 2026; CDIC: what is covered. Checked October 30, 2026.
- Method: monthly simulation with the MER taken monthly; results checked against a separate implementation.
General information, not investment, tax or legal advice. Fees and rules change; confirm with the provider and the official sources above before you act. Gizly is not affiliated with any provider named here and has no affiliate links on this page. See how we check the numbers and our disclosure.