Investing · ETF deep dive
XEQT iShares Core Equity ETF Portfolio
Canada’s biggest all-in-one ($18.6B) and the lighter-Canada flavour of 100% equity — with a US-sleeve changeover worth understanding.
Best for: 100%-equity investors who prefer less home bias and more international developed exposure
Pros
- The category giant — $18.6B brings the tightest spreads in the space
- Lighter Canada (≈24%) and more EAFE than VEQT — closer to world-market weights
- Quarterly distributions; 0.20% published MER, fee cut to 0.17% (Dec 2025)
Cons
- Less emerging-markets than VEQT (4.9% vs 7.2%)
- Holds two US sleeves mid-transition (ITOT + XTOT) — cosmetically messy
- 100% equity drawdowns apply, as everywhere
What's inside XEQT
| Underlying fund | Weight |
|---|---|
| iShares Core S&P Total U.S. Stock Market ETF (US-listed)ITOT | 17.6% |
| iShares Core S&P Total U.S. Stock Market Index ETFXTOT | 27.5% |
| iShares Core S&P/TSX Capped Composite Index ETFXIC | 25.3% |
| iShares Core MSCI EAFE IMI Index ETFXEF | 24.4% |
| iShares Core MSCI Emerging Markets IMI Index ETFXEC | 4.9% |
US 45.2% · Canada 23.8% · Japan 6.1% · UK 3.4% (look-through) (Provider look-through, June 9, 2026) · holdings as of June 9, 2026
The deep dive
XEQT’s structure made news in 2025: BlackRock’s product brief explains that US-listed ITOT is “subject to limits on the sale of [its] shares to non-U.S. domiciled investment funds,” so effective July 2, 2025, XEQT replaced its XUS sleeve with the new TSX-listed XTOT and “is expected to hold a mix of XTOT and ITOT” going forward. Practical impact on holders: none — same S&P Total Market exposure — but it explains the two-line US block in the holdings table.
Against VEQT, XEQT is the world-weights flavour: ~24% Canada instead of ~31%, the difference redeployed mostly to developed international. Neither is academically “right” — the home-bias question is the one genuine decision in our three-way, and XEQT is the answer for those who want less of it.
Same family, different dose
The iShares (BlackRock Canada) ladder lets you change risk level without changing philosophy:
- XGRO — 80/20 · 0.20% MER · quarterly distributions
- XBAL — 60/40 · 0.19% MER · quarterly distributions
- XCNS — 40/60 · 0.19% MER · quarterly distributions
- XINC — 20/80 · 0.19% MER · quarterly distributions
Frequently asked questions
What does XEQT hold?
XEQT holds 100/0 — led by iShares Core S&P Total U.S. Stock Market ETF (US-listed) (ITOT) at 17.6%, iShares Core S&P Total U.S. Stock Market Index ETF (XTOT) at 27.5%, iShares Core S&P/TSX Capped Composite Index ETF (XIC) at 25.3% (as of June 9, 2026). Looking through to the securities level, that's 8,438 underlying holdings in one ticker. Geographic mix: US 45.2% · Canada 23.8% · Japan 6.1% · UK 3.4% (look-through) (provider look-through, june 9, 2026). Weights drift between rebalances — rebalanced “as needed” to maintain target weights.
What does XEQT cost?
Currently 0.17% management fee; 0.20% published MER (product pages as of June 9, 2026). 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 XEQT or one of its siblings?
The iShares (BlackRock Canada) ladder runs XEQT · XGRO · XBAL · XCNS · XINC — same construction, different equity/bond dose. XEQT 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
The default 100%-equity ticket for the less-Canada camp, with scale no rival matches. Buy it at a $0 broker, automate, ignore the sleeve plumbing.
This page is for educational purposes only and is not investment advice. Fund facts were verified at iShares (BlackRock 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 (product pages as of June 9, 2026). We deliberately do not compare or project returns. Read the fund facts document before buying. See our methodology.