Investing · ETF deep dive
TCON TD Conservative ETF Portfolio
TD words it fixed-income-first — “70% fixed income and 30% equities” — and prices it lower than anything comparable.
Best for: Very conservative investors who want maximum simplicity at minimum cost
Pros
- Cheapest conservative-rung MER in the category (0.17%)
- Monthly distributions — genuinely useful at this risk level
- The deepest bond allocation (70% target) of any fund on our pages
Cons
- Canadian-only bonds concentrate rate and credit geography
- No EM, minimal equity breadth
- Smallest TD sibling ($123M)
What's inside TCON
| Underlying fund | Weight |
|---|---|
| TD Canadian Aggregate Bond Index ETFTDB | 59.9% |
| TD U.S. Equity Index ETFTPU | 15.2% |
| TD Canadian Equity Index ETFTTP | 14.9% |
| TD International Equity Index ETFTPE | 10.0% |
Canada 68.4% · US 14.8% (fund geography — dominated by the 70% Canadian bond target) (TD fund card geography, point-in-time, bonds included) · holdings as of verification day (TD cards update daily)
The deep dive
TCON is the most conservative all-in-one we cover — TD even words the target fixed-income-first (“70% fixed income and 30% equities”). Combined with monthly payouts and the category’s lowest MER, it’s squarely aimed at the cautious saver graduating from GICs without leaving the simplicity behind.
Which is exactly the comparison to run: at 70% Canadian bonds, TCON’s certainty-free yield competes directly with GIC ladders that pay guaranteed rates. The fund wins on liquidity and the 30% growth pulse; the ladder wins on certainty. Many cautious retirees sensibly hold both — the structure our cash strategy formalizes.
Same family, different dose
The TD Asset Management ladder lets you change risk level without changing philosophy:
- TGRO — 90/10 target · 0.17% MER · monthly distributions
- TBAL — 60/40 target · 0.17% MER · monthly distributions
Frequently asked questions
What does TCON hold?
TCON holds 30/70 target — led by TD Canadian Aggregate Bond Index ETF (TDB) at 59.9%, TD U.S. Equity Index ETF (TPU) at 15.2%, TD Canadian Equity Index ETF (TTP) at 14.9% (as of verification day (TD cards update daily)). Geographic mix: Canada 68.4% · US 14.8% (fund geography — dominated by the 70% Canadian bond target) (td fund card geography, point-in-time, bonds included). Weights drift between rebalances — quarterly (per the 2023 restructuring).
What does TCON cost?
Currently 0.15% management fee; 0.17% published MER (fund cards; MERs as at Dec 31, 2025). For context, the asset-allocation category now runs roughly 0.17%–0.25% all-in at the index families after the 2025 fee war — see the full cost table, and what fee gaps compound into with the MER calculator.
Should I pick TCON or one of its siblings?
The TD Asset Management ladder runs TGRO · TBAL · TCON — same construction, different equity/bond dose. TCON sits at 30/70 target. The risk level is the decision that matters; pick the rung whose worst year you could actually sit through (the asset-allocation calculator helps), then stay put. Comparing across providers instead? Start with the family-by-family guide.
The bottom line
The budget pick for deep caution. Run it against a GIC ladder before buying — and if it wins, nothing at this risk level is cheaper.
This page is for educational purposes only and is not investment advice. Fund facts were verified at TD Asset Management's published fact sheets and product pages on June 10, 2026; holdings and weights are point-in-time and drift between rebalances; published MERs may lag recent fee changes (fund cards; MERs as at Dec 31, 2025). We deliberately do not compare or project returns. Read the fund facts document before buying. See our methodology.