All-in-one ETFs were created with two main purposes in mind: To simplify ETF investing and provide lower fees to Canadians.
Vanguard led the charge by becoming the first company in Canada to introduce the offering of all-in-one Exchange-Traded Funds (ETFs) back in 2018.
As more ETF providers like iShares, BMO, TD, and Horizons entered the market with their separate offerings, sales are exploding for all-in-one ETFs in Canada, with billions of dollars being invested.
The increasing demand for all-in-one ETFs in Canada should not come as a surprise.
Mutual fund products in Canada are some of the most expensive in the developed world, and ETFs are leading the charge in reducing fees for investors. I’ll go over the best all-in-one ETFs in Canada for 2024 below.
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Best All-In-One ETF Portfolios in Canada
Best All-In-One 100% Equity ETFs
| ETF Name | MER | Asset Allocation | YTD Return | Overview |
|---|---|---|---|---|
| Vanguard All-Equity ETF (VEQT) | 0.24% | 100% Equity | 1.25% | Link |
| iShares Core Equity ETF (XEQT) | 0.20% | 100% Equity | 1.3% | Link |
Best All-In-One Growth ETFs
| ETF Name | MER | Asset Allocation | YTD Return | Overview |
|---|---|---|---|---|
| Vanguard Growth ETF Portfolio (VGRO) | 0.24% | 80% Stocks, 20% Bonds | 0.82% | Link |
| iShares Core Growth ETF (XGRO) | 0.20% | 80% Equity, 20% Bonds | 0.86% | Link |
| Horizons Growth ETF Portfolio (HGRO) | 0.17% | 90% Equity, 10% Bonds | 10.76% | Link |
Best All-In-One Balanced ETFs
| ETF Name | MER | Asset Allocation | YTD Return | Overview |
|---|---|---|---|---|
| iShares Core Balanced ETF (XBAL) | 0.20% | 60% Equity, 40% Bonds | 0.41% | Link |
| BMO Balanced ETF Portfolio (ZBAL) | 0.20% | 60% Equity, 40% Bonds | 0.44% | Link |
| Horizons Balanced ETF Portfolio (HBAL) | 0.16% | 70% Equity, 30% Bonds | 0.86% | Link |
iShares XBAL, BMO ZBAL, and Horizon HBAL are my top three choices for this balanced ETF portfolio category. All three have low fees, and HBAL has a unique swap structure that is better for taxable accounts.
Best All-In-One Conservative ETFs
| ETF Name | MER | Asset Allocation | YTD Return | Overview |
|---|---|---|---|---|
| BMO Conservative ETF Portfolio (ZCON) | 0.20% | 40% Equity, 60% Bonds | -0.08% | Link |
Comparison of All-In-One ETFs vs DIY and Robo-advisors
There are three main ways to invest in ETFs; All-in-one ETFs, Do-it-yourself (DIY) ETF Investing, and robo-advisors. Here are some of their key differences:
| Investment Approach | Management Fee | Total Annual Fee | Who Should Use | Additional Notes |
|---|---|---|---|---|
| All-in-One ETF Portfolios | 0.15% – 0.25% | 0.15% – 0.25% | Beginners, hands-off investors | All-inclusive fee; great for beginners. |
| DIY ETF Portfolios | 0.07% – 0.15% | 0.07% – 0.15% | Experienced investors who want more flexibility | Most time-consuming option. |
| Robo-Advisors | 0.25% – 0.50% | 0.30% – 0.70% | Those seeking automated management | Total annual fee includes both ETF MER and robo-advisor fees. |
Some key points:
- All-in-One ETF Portfolios: These portfolios offer a diversified investment in one product, and fees are typically lower than robo-advisors but a bit higher than DIY portfolios due to the convenience factor. They’re ideal for beginners or those who prefer a more hands-off approach. These portfolios provide broad diversification without needing to manage individual investments.
- DIY ETF Portfolios: These are often the cheapest option but require more knowledge and hands-on management. Transaction fees can vary widely depending on the brokerage and the frequency of trading. It’s suitable for more experienced investors who prefer to manage their own portfolios. This option provides greater control. To learn more, read our guide on how to invest in ETFs.
- Robo-Advisors: The fees will be the highest of the three options, as it will include both the underlying ETF fees and robo-advisor fees but offer the convenience of automated management and rebalancing. My top two Canadian robo-advisor picks have deals going on right now: You can get $10,000 managed for free at QuestWealth, and a signup bonus at Wealthsimple.
Related Reading: Best robo-advisors in Canada
What is an All-In-One ETF?
Before all-in-one ETFs came around, it was a lot harder to construct an ETF portfolio. You had to buy several ETFs, and you would have to rebalance them at times to match your fixed income to the equity that is suited to your risk tolerance.
Created as a fund of funds, all-in-one ETFs are constructed using several ETFs, usually giving worldwide diversification. It’s why they are called all-in-one ETFs – because you need to buy only one ETF, but in essence, you’re buying a whole portfolio of multiple ETFs wrapped up inside of it.
These funds, also known as one-ticket, single-ticker, or asset-allocation ETFs, offer a diversified portfolio of stocks and bonds in a single investment.
All-in-one ETFs are much simpler to use, and you won’t need to rebalance your portfolio.
How to Use All-In-One ETFs
It’s extremely easy to use all-in-one ETFs, and while it’s perfect for beginner investors, it’s also suitable for experts. I consider myself an experienced investor and use all-in-one ETFs for my smaller accounts when I don’t want to bother with rebalancing my portfolio.
Here are the simple steps to start investing in all-in-one ETFs:
- First, determine what type of asset mix is right for you. You can start by filling out an online questionnaire such as the one that is provided by Vanguard here. This will help to determine your asset mix of fixed income to equity.
- After you know your proper asset mix, find a suitable ETF from the list below.
- Purchase the ETF using a platform such as Questrade or Wealthsimple Trade.
- You won’t need to rebalance it over time, as the portfolio will automatically do so. You can, however, choose to buy more or sell your positions at any point in the future.
Top All-In-One ETF Providers in Canada
Here’s a summary of all the main companies that provide all-in-one ETFs in Canada. I’ll go over the five main providers of ETFs in Canada and their complete offerings of all-in-one ETFs below
| ETF Provider | # of All-In-One ETF Portfolios | Avg MER | Portfolio Info |
|---|---|---|---|
| Vanguard | 6 | 0.24 – 0.32% | Link |
| iShares | 5(Non-ESG ones) | 0.20% | Link |
| BMO | 5 | 0.20% | Link |
| Horizons | 3 | 0.15%-0.17% | Link |
| TD | 3 | 0.25% | Link |
iShares is an ETF suite offered by Blackrock, one of the largest investment managers in the world.
iShares’ Core ETFs are its all-in-one ETF products that it offers as an option for investors to help build a strong foundational portfolio.
The ETFs are a selected group of ETFs and come in various combinations to help investors achieve various financial goals.
| ETF | Ticker | MER | Asset Mix (Stocks/Bonds) | YTD Return |
|---|---|---|---|---|
| iShares Core Income Balanced ETF Portfolio | XINC | 0.20% | 20% / 80% | -0.56% |
| iShares Core Conservative Balanced ETF Portfolio | XCNS | 0.20% | 40% / 60% | -0.05% |
| iShares Core Income Balanced ETF Portfolio | XBAL | 0.20% | 60% / 40% | 0.41% |
| iShares Core Growth ETF Portfolio | XGRO | 0.20% | 80% / 20% | 0.86% |
| IShares Core Equity ETF Portfolio | XEQT | 0.20% | 100% / 0% | 1.3% |
Note that there are also ESG funds available with iShares. You can learn more about all of these iShares ETFs in this full overview.
Horizons All-in-One ETF Portfolios – Best for Tax Efficiency
The unique swap-based structure of Horizons’ ETF portfolios allows the provider to maintain a relatively low MER compared to the other three providers. Rather than buying securities, Horizons engages in Total Return Swap agreements with major Canadian financial institutions.
It also provides some potential tax savings by deferring dividends and interest into unrealized capital gains. It’s a good choice for taxable accounts for this reason. But beware, this comes with slightly increased counterparty risk.
Another unique aspect of Horizons is that it does not charge a management fee, per se. The cost listed will instead be based on the MER of the underlying ETFs.
| ETF | Ticker | MER | Asset Mix (Stocks/Bonds) | YTD Return |
|---|---|---|---|---|
| Horizons Conservative TRI ETF Portfolio | HCON | 0.15% | 50% / 50% | 0.51% |
| Horizons Balanced TRI ETF Portfolio | HBAL | 0.16% | 70% / 30% | 0.86% |
| Horizons Growth TRI ETF Portfolio | HGRO | 0.16% | 100% | 10.76% |
You can learn more about all of these Horizons ETFs in this full overview.
Vanguard All-in-One ETF Portfolios
Vanguard is one of the largest ETF providers in the world, with over $8.5 trillion in assets under management (AUM) globally.
Vanguard’s asset allocation ETFs were designed by the provider in its efforts to pioneer the simplification of investing while managing risk through global diversification and balance.
Each of these portfolios is balanced regularly to maintain the corresponding allocations and limit the risk levels within the determined risk tolerance to help investors remain aligned with their goals.
| ETF | Ticker | MER | Asset Mix (Stocks/Bonds) | Year-to-Date Return |
|---|---|---|---|---|
| Vanguard Conservative Income ETF Portfolio | VCIP | 0.24% | 20% / 80% | -0.59% |
| Vanguard Conservative ETF Portfolio | VCNS | 0.24% | 40% / 60% | -0.15% |
| Vanguard Balanced ETF Portfolio | VBAL | 0.24% | 60% / 40% | 0.34% |
| Vanguard Growth ETF Portfolio | VGRO | 0.24% | 80% / 20% | 0.82% |
| Vanguard All-Equity ETF Portfolio | VEQT | 0.24% | 100% / 0% | 1.25% |
| Vanguard Retirement Income ETF Portfolio | VRIF | 0.32% | 50% / 50% | -0.16% |
Note that VRIF works slightly differently than the others and is meant for retirement income. You can read more about it in my full VRIF review.
Related Reading: You can learn more about all of these Vanguard ETFs in this full overview.
BMO All-in-One ETF Portfolios – Best Big Bank Choice
As one of the largest banks in Canada, BMO was not going to let itself be left behind by the rest of the ETF providers.
BMO often has the highest Canadian net new ETF assets every year due to its large distribution network and excellent offerings.
Here’s what BMO offers for all-in-one ETF portfolios:
| ETF | Ticker | MER | Asset Mix (Stocks/Bonds) | YTD Return |
|---|---|---|---|---|
| BMO Conservative ETF | ZCON | 0.20% | 40% / 60% | -0.08% |
| BMO Balanced ETF | ZBAL | 0.20% | 60% / 40% | 0.44% |
| BMO Growth ETF | ZGRO | 0.20% | 80% / 20% | 0.94% |
| BMO All-Equity ETF | ZEQT | 0.20% | 100% / 0% | 1.43% |
| BMO Monthly Income ETF | ZMI | 0.20% | 60 % / 40% | 0.91% |
Note that the BMO Monthly Income ETF works a bit differently than the other ETFs. ZMI’s main goal is to provide monthly income.
Related reading: Learn more about all of these BMO ETFs in this full overview.
TD All-in-One ETF Portfolios
As one of the largest banks in Canada, TD is a trusted name to invest with. They have created what they branded as their “One-Click” portfolios. It’s not my favourite provider as the MERs are slightly higher, but it’s nice to see more big banks offering choices like these to their customers.
| ETF | Ticker | MER | Asset Mix (Stocks/Bonds) | YTD Return |
|---|---|---|---|---|
| TD One-Click Conservative ETF Portfolio | TOCC | 0.28% | 30% / 70% | 5.84% |
| TD One-Click Moderate ETF Portfolio | TOCM | 0.28% | 60% / 40% | 10.42% |
| TD One-Click Aggressive ETF Portfolio | TOCA | 0.28% | 90% / 10% | 13.12% |
Which ETF Portfolio Should You Choose?
With all of these choices, it can get a bit confusing as to which one to choose. There isn’t much variation between all of the ETFs listed other than Horizons unique swap structure.
I’ve always been a big fan of Vanguard and iShares, and I would probably avoid TD as it has slightly higher fees. In this case, my top recommendations would be iShares due to its low fees and excellent selection, and BMO if you need the comfort of a big Canadian bank.
I also like Vanguard, and I think that Horizons would be well-suited if you also have a taxable account you want to invest with.
Build Your Own Portfolio of ETFs
Do you think that all-in-one-ETF portfolios are too basic, and you want more control over what you invest in? If you want a cheaper and more flexible option for investing, you can build a portfolio of several ETFs, which will usually be a mix of equity and bond funds.
Example: If you have $10,000 to invest and you want to make a similar ETF portfolio to VGRO.TO, which is an 80% equity 20% fixed income split, you could buy something like:
- 50% US equity fund ($5,000)
- 20% Canadian equity fund ($2,000)
- 10% International equity fund ($1,000)
- 20% Bond fund ($2,000)
The benefit of this approach is it will be cheaper, with MERs of around 0.07%-0.15%. But the downside is that you will have to rebalance this portfolio periodically, which is slightly more time-consuming than the all-in-one solution.
To keep my costs low, I construct ETF portfolios using the trading platforms at Questrade or Wealthsimple to buy the ETFs with no commission charges.
Related Reading: Best trading platforms in Canada
Should You Buy All-In-One ETFs?
I personally really like all-in-one ETFs and feel that it is well-suited for most investors. There’s relatively little downside to this strategy, but I’ll go over them here:
Pros
- Provides excellent diversification at a low-cost
- Extremely simple and easy to use
- You’ll spend very little time investing
- No need to rebalance your portfolio
- Much cheaper than mutual funds and robo-advisors
Cons
- Not customizable
- Slightly higher fees than if you construct your own ETF portfolio
How to Buy All-In-One ETF Portfolios in Canada
The cheapest way to buy ETFs is from discount brokers. My top choices in Canada are:
Readers Choice
Qtrade
- 105 commission-free ETFs to buy and sell
- Excellent customer service
- Top-notch market research tools
- Easy-to-use and stable platform
Get a Signup Bonus
Low Fees
Wealthsimple Trade
- Stock and ETF buys and sells have $0 trading fees
- Desktop and mobile trading
- Reputable fintech company
- Fractional shares available
Get $25 Signup Bonus
Well-Rounded
Questrade
- ETF buys have $0 trading fees
- Excellent market research tools
- Most types of registered accounts available
Get $50 Free Trades
To learn more, check out my full breakdown of thebest trading platforms in Canada.
Conclusion
When picking out the best all-in-one ETF Portfolios in Canada, each provider offers various products to investors that they can consider. Vanguard is the pioneering provider that introduced all-in-one ETF portfolios to the Canadian market.
Still, providers like iShares, BMO, TD, and Horizons have rapidly moved in with substantial offerings of their own.
Choosing the right portfolio becomes a matter of personal preference regarding your risk tolerance and financial goals.
For more ETF ideas, here’s a complete list of the best ETFs in Canada.
If you’re still unsure of where to start or aren’t sure what asset allocation to choose, read about how to start investing in Canada.
