Investing · ETF deep dive
VEQT Vanguard All-Equity ETF Portfolio
The definitive one-ticket stock portfolio: 13,726 companies, the heaviest Canada tilt of the big three, and the simplest structure in the category.
Best for: Long-horizon investors who want 100% stocks, prefer a meaningful home weight, and never want to rebalance again
Pros
- Four funds, the whole investable world — the cleanest structure in the category
- Heaviest Canada weight (~31%) — more dividend-tax-credit income, less currency swing
- More emerging-markets exposure than XEQT (7.2% vs 4.9%)
- Management fee cut to 0.17% in November 2025
Cons
- Published 0.24% MER overstates current cost — it predates the fee cut
- Distributes only once a year, and 2025 included a non-cash reinvested capital gain
- 100% equity means living through full-size drawdowns
What's inside VEQT
| Underlying fund | Weight |
|---|---|
| Vanguard US Total Market Index ETF | 44.5% |
| Vanguard FTSE Canada All Cap Index ETF | 30.6% |
| Vanguard FTSE Developed All Cap ex North America Index ETF | 17.7% |
| Vanguard FTSE Emerging Markets All Cap Index ETF | 7.2% |
US 44.5% · Canada 30.6% · Developed ex-NA 17.7% · Emerging 7.2% (Underlying fund weights, Apr 30, 2026 fact sheet) · holdings as of April 30, 2026
The deep dive
VEQT is the purest expression of the all-in-one idea: exactly four underlying Vanguard index funds — US total market, all-cap Canada, developed international, emerging markets — and nothing else, because a 100%-equity fund simply omits the three bond sleeves its siblings carry. The result holds 13,726 stocks through one TSX ticker.
Two quirks deserve attention. First, distributions arrive once a year (siblings pay quarterly) — and the December 2025 distribution included a $0.24/unit reinvested capital gain: a “phantom” non-cash distribution that creates a tax slip in non-registered accounts without putting cash in your hands. In a TFSA or RRSP it’s irrelevant; in a taxable account, expect it. Second, the home tilt: Vanguard weights Canada at ~31% against its ~3% share of world markets — the heaviest of the big three, and the main reason to pick (or skip) VEQT versus XEQT.
Same family, different dose
The Vanguard Canada ladder lets you change risk level without changing philosophy:
- VGRO — 80/20 · 0.24% MER · quarterly distributions
- VBAL — 60/40 · 0.24% MER · quarterly distributions
- VCNS — 40/60 · 0.25% MER · quarterly distributions
- VCIP — 20/80 · 0.25% MER · quarterly distributions
- VRIF — ~30/70 actual (actively allocated) · 0.32% MER · monthly distributions
Frequently asked questions
What does VEQT hold?
VEQT holds 100/0 — led by Vanguard US Total Market Index ETF at 44.5%, Vanguard FTSE Canada All Cap Index ETF at 30.6%, Vanguard FTSE Developed All Cap ex North America Index ETF at 17.7% (as of April 30, 2026). Looking through to the securities level, that's 13,726 stocks in one ticker. Geographic mix: US 44.5% · Canada 30.6% · Developed ex-NA 17.7% · Emerging 7.2% (underlying fund weights, apr 30, 2026 fact sheet). Weights drift between rebalances — rebalanced “from time to time” at the sub-advisor’s discretion.
What does VEQT cost?
Currently 0.17% management fee; 0.24% published MER (fact sheets dated April 30, 2026 (MERs predate the Nov 2025 fee cut)). 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 VEQT or one of its siblings?
The Vanguard Canada ladder runs VEQT · VGRO · VBAL · VCNS · VCIP · VRIF — same construction, different equity/bond dose. VEQT sits at 100/0. 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
If you want maximum equity in one ticker and you’re comfortable with the bigger Canada slice, VEQT is the cleanest answer in the country. The decision against XEQT is a tilt preference, not a quality difference — our three-way breakdown settles it.
This page is for educational purposes only and is not investment advice. Fund facts were verified at Vanguard Canada'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 (fact sheets dated April 30, 2026 (MERs predate the Nov 2025 fee cut)). We deliberately do not compare or project returns. Read the fund facts document before buying. See our methodology.