XEQT is one of the most widely held all-in-one ETFs in Canada, with $23.3 billion in net assets. It is a complete stock portfolio in one ticker, costs 0.19% a year and rebalances itself. This XEQT review covers what the fund holds, what it costs, how it’s taxed, and who it suits. It is general education, not financial advice.
XEQT at a glance
YieldMaple checked iShares Canada’s XEQT page on October 8, 2026. Returns are iShares’ total returns to September 30, 2026.
| Detail | XEQT |
|---|---|
| Ticker | XEQT (TSX, CAD) |
| MER | 0.19% |
| Management fee | 0.17% |
| Net assets | $23.3 billion |
| Underlying holdings | 8,296 |
| Asset mix target | 100% equity |
| Distributions | quarterly |
| 12-month trailing yield | 1.56% |
| 5-year annualized return | 13.94% |
| Inception | August 7, 2019 |
| Provider | iShares (BlackRock Canada) |
In sentences: XEQT charges a 0.19% MER (the management fee inside it is 0.17%), held $23.3 billion in net assets and 8,296 underlying holdings, and targets 100% equity. It pays distributions quarterly at a trailing yield of 1.56%, returned 13.94% a year over five years, and launched on August 7, 2019.
What does XEQT hold?
XEQT is a fund of funds: on October 6, 2026 it held 5 iShares ETFs that together covered 8,296 underlying holdings, per iShares.
| Feature | Underlying ETF | Weight | Coverage |
|---|---|---|---|
| XTOT (iShares Core S&P Total U.S. Stock Market Index ETF) | 31.09% (better on this row) | US stocks, Canadian-listed fund | |
| XIC (iShares Core S&P/TSX Capped Composite Index ETF) | 24.84% | Canadian stocks | |
| XEF (iShares Core MSCI EAFE IMI Index ETF) | 23.97% | Developed markets outside North America | |
| ITOT (iShares Core S&P Total U.S. Stock Market ETF) | 15.02% | US stocks, US-listed fund | |
| XEC (iShares Core MSCI Emerging Markets IMI Index ETF) | 4.92% | Emerging markets |
Source: iShares Canada's XEQT holdings file, October 6, 2026. Weights drift between rebalances.
In sentences: the US portion is split between XTOT at 31.09% and ITOT at 15.02%, which together come to about 46% of the fund. XIC holds the Canadian stocks at 24.84%, XEF the other developed markets at 23.97%, and XEC the emerging markets at 4.92%.
Looked at by country instead of by fund, XEQT was 46.11% US, 23.48% Canada and 6.44% Japan, its three largest countries.
The largest underlying stocks on October 6, 2026:
- NVIDIA (3.52%)
- Apple (2.96%)
- Microsoft (2.39%)
- Royal Bank of Canada (1.89%)
- Amazon (1.53%)
- Shopify
- Toronto-Dominion Bank
- Alphabet Class A
- Broadcom
- Alphabet Class C
Those ten stocks made up about 18.3% of XEQT. The rest of the fund is spread across thousands of smaller positions.
What does XEQT cost?
XEQT’s MER is 0.19%, which is about $19 a year for every $10,000 held. iShares states that the management fee of 0.17% includes the management fees of the underlying ETFs, so the funds inside XEQT are not charged a second time.
The fee has come down: iShares cut the management fee from 0.18% to 0.17% on December 18, 2025.
Against its closest rival, Vanguard’s VEQT at 0.22%, XEQT is 0.03 percentage points cheaper, or about $3 a year on $10,000.
How has XEQT performed?
XEQT returned 13.94% a year over the five years to September 30, 2026, per iShares. The fund launched on August 7, 2019, so it has no 10-year figure yet.
| Feature | Period | Total return |
|---|---|---|
| 1 year | 18.88% | |
| 3 years (annualized) | 23.46% | |
| 5 years (annualized) | 13.94% (better on this row) | |
| Since inception (annualized) | 14.46% | |
| Calendar 2021 | 19.57% | |
| Calendar 2022 | −10.93% | |
| Calendar 2023 | 17.05% | |
| Calendar 2024 | 24.67% | |
| Calendar 2025 | 20.45% |
Source: iShares Canada's XEQT page, checked October 8, 2026. Past performance does not predict future returns.
In sentences: XEQT returned 18.88% over one year, 23.46% a year over three years and 14.46% a year since inception. By calendar year it returned 19.57% in 2021, −10.93% in 2022, 17.05% in 2023, 24.67% in 2024 and 20.45% in 2025.
The 2022 loss is the cost of a fund that is 100% equity: there are no bonds to cushion a falling stock market. iShares also sells XGRO (80% stocks and 20% bonds) and XBAL (60% stocks and 40% bonds) for investors who want a smoother ride.
How is XEQT taxed in a TFSA, RRSP or non-registered account?
XEQT’s growth and distributions are sheltered in a TFSA, RRSP or FHSA and taxable in a non-registered account, with one cost that applies everywhere: foreign withholding tax paid inside the fund.
XEQT’s distributions are a mix of Canadian dividends from its Canadian stocks, foreign income from its US and overseas stocks, and occasional capital gains. The annual tax slip shows the exact split.
By account type:
- TFSA and FHSA: distributions and growth are tax-free in Canada. Withholding tax that foreign countries take on dividends is paid inside XEQT and its underlying funds and can’t be recovered. The Canada–US treaty rate on dividends is 15%.
- RRSP: the same fund-level withholding applies. The treaty’s RRSP exemption covers US-listed securities an RRSP holds directly, not a Canadian-listed fund like XEQT. Tax on everything else is deferred until withdrawal.
- Non-registered: distributions are taxable each year and a capital gain or loss is realized on sale. The CRA offers a federal foreign tax credit (line 40500) for foreign tax paid on income you report on your Canadian return.
At a trailing yield of 1.56%, the distributions on $10,000 of XEQT come to about $156 a year. This section is general education, not tax advice.
Where XEQT fits in a Canadian portfolio
As the whole stock allocation (the simplest case):
- One ticker, with rebalancing handled inside the fund
- Total fund cost: 0.19% MER
As a core with a tilt:
- Most of the stock allocation in XEQT, plus a smaller holding that shifts the mix (VFV for more US weight, VDY for more Canadian dividends)
- Adds decisions and changes the country weights XEQT was built around
As the benchmark for a do-it-yourself portfolio:
A DIY investor can copy XEQT’s mix with separate funds. Using XEQT’s own weights, with XIC at 0.06%, XEF at 0.22%, XEC at 0.28% and VFV at 0.08% standing in for the US portion, the blended MER is about 0.12%. That is about 0.07 percentage points below XEQT, or about $70 a year on $100,000.
Two caveats: VFV covers large US companies only, while XEQT’s US funds cover the total US market, and the DIY version has to be rebalanced by hand across four funds.
Where can you buy XEQT?
XEQT trades on the TSX, so every Canadian brokerage offers it; what differs is the commission.
- Wealthsimple — $0 commission on stocks and ETFs, account minimum: none, fractional shares: yes — thousands of Canadian and US stocks and ETFs
- Questrade — $0 to buy and sell Canadian and U.S.-listed stocks and ETFs
- National Bank Direct Brokerage — $0 on online Canadian and U.S. stock and ETF trades
- BMO InvestorLine Self-Directed — $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted
- RBC Direct Investing — commission-free list covers iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS
- TD Direct Investing — XEQT is not on the commission-free ETF list, so the standard $9.99 applies
- CIBC Investor’s Edge — XEQT is not on the commission-free ETF list, so the standard $6.95 applies
iShares lists XEQT as eligible for a dividend reinvestment plan (DRIP). At a broker with fractional shares, a reinvested distribution can buy a partial unit.
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XEQT strengths and cautions
What works well:
- Hands-off. iShares describes the fund as continuously monitored and automatically rebalanced, as needed, to maintain its target weights, so there is nothing for the holder to rebalance.
- Broad. 8,296 underlying holdings across Canada, the US, other developed markets and emerging markets.
- Low cost for what it does. 0.19% MER, with the underlying funds’ management fees included.
What to be cautious about:
- Concentration at the top. The ten largest stocks, mostly large US technology companies, were about 18.3% of the fund.
- No bonds. XEQT is 100% equity. It lost −10.93% in 2022.
- Home bias. Canadian stocks were 23.48% of XEQT, well above Canada’s share of world stock markets. That is a deliberate design choice by iShares, and worth understanding before buying.
XEQT vs the alternatives
| Feature | Fund | MER | What is different |
|---|---|---|---|
| XEQT (this fund) | 0.19% (better on this row) | All stocks, global, rebalances itself | |
| VEQT (Vanguard) | 0.22% | All stocks, global, larger Canadian weight | |
| XGRO (iShares) | 0.19% | 80% stocks and 20% bonds | |
| XBAL (iShares) | 0.18% | 60% stocks and 40% bonds | |
| VFV (Vanguard) | 0.08% | US large-cap stocks only | |
| XIC (iShares) | 0.06% | Canadian stocks only |
XEQT, VFV and XIC MERs checked October 6, 2026; the others per each provider's latest published figure.
In sentences: XEQT charges 0.19% and VEQT 0.22% for an all-stock global mix. XGRO (0.19%) holds 80% stocks and 20% bonds and XBAL (0.18%) holds 60% stocks and 40% bonds. VFV (0.08%) and XIC (0.06%) are cheaper single-country funds.
XEQT and VEQT have tracked each other closely. Over the five years to September 30, 2026, XEQT returned 13.94% a year and VEQT 13.96%. VEQT holds more Canadian stocks (30.58% in its Canadian fund on August 31, 2026) and pays distributions annually rather than quarterly.
For deeper comparisons:
- XEQT vs VEQT — the closest competitor
- VFV vs XEQT — US-only vs global
Final verdict
XEQT does one job well: it turns a global stock portfolio into a single TSX-listed ticker at a 0.19% MER, with rebalancing handled inside the fund.
- XEQT fits a long-term investor who wants one fund for the whole stock allocation and accepts stock-market swings.
- VEQT fits a reader who prefers Vanguard or a larger Canadian weight.
- XGRO or XBAL fit a reader who wants bonds in the mix.
- A DIY mix fits a reader willing to rebalance by hand for a slightly lower blended fee.
None of this is a recommendation to buy; it is general education about how the fund works.
Read next
- XEQT vs VEQT — the head-to-head
- Best Canadian ETFs — full ETF landscape
- VFV vs XEQT — for US-only investors
- Wealthsimple vs Questrade — where to buy