Investing · ETF deep dive
ZEQT BMO All-Equity ETF
The cheapest 100%-equity all-in-one (0.15% fee, 0.18% MER) — built S&P-style, with the most US weight of the big three.
Best for: Cost-first equity investors comfortable with an S&P-flavoured, US-heavier construction
Pros
- Cheapest fee in the category (0.15%, cut June 2025) with an 0.18% MER
- Most US exposure of the big-three equity funds (~48%)
- Explicit quarterly rebalancing — the clearest policy of the three
Cons
- US core is S&P-committee large-cap (ZSP) with only ~3.7% in mid/small sleeves — less total-market than VEQT/XEQT
- Youngest and smallest of the big-three equity funds ($789M, 2022)
- Highest EM weight (9.2%) — a feature or a bug depending on your view
What's inside ZEQT
| Underlying fund | Weight |
|---|---|
| BMO S&P 500 Index ETFZSP | 45.4% |
| BMO S&P/TSX Capped Composite Index ETFZCN | 25.2% |
| BMO MSCI EAFE Index ETFZEA | 16.4% |
| BMO MSCI Emerging Markets Index ETFZEM | 9.2% |
| BMO S&P US Mid Cap Index ETFZMID | 2.5% |
| BMO S&P US Small Cap Index ETFZSML | 1.2% |
US 48.1% · Canada 25.2% · Japan 3.9% (look-through) (Provider look-through, June 9, 2026) · holdings as of June 9, 2026
The deep dive
ZEQT’s construction differs from its rivals more than the marketing suggests. Its US core is ZSP — the S&P 500 — supplemented by small ZMID (mid-cap) and ZSML (small-cap) sleeves totalling ~3.7%. Vanguard and iShares use total-market indexes where mid/small caps carry their natural ~10–15% weight; BMO gives you S&P committee selection with a lighter small-cap dose. Historically the difference is modest, but it’s real and structural — know which flavour you’re buying.
What ZEQT unambiguously wins on: price and policy. The 0.15% fee (cut June 2025) and 0.18% MER lead the category, and BMO is alone in committing to an explicit quarterly rebalance instead of “as needed” discretion. Add the most US (~48%) and most EM (9.2%) of the trio and ZEQT is the choice for the investor who wants cheap, rules-based, and America-forward.
Same family, different dose
The BMO ETFs ladder lets you change risk level without changing philosophy:
- ZGRO — 81/19 actual · 0.18% MER · quarterly distributions
- ZBAL — 62/38 actual · 0.18% MER · quarterly distributions
- ZCON — 42/58 actual · 0.18% MER · quarterly distributions
Frequently asked questions
What does ZEQT hold?
ZEQT holds 100% equity (actual) — led by BMO S&P 500 Index ETF (ZSP) at 45.4%, BMO S&P/TSX Capped Composite Index ETF (ZCN) at 25.2%, BMO MSCI EAFE Index ETF (ZEA) at 16.4% (as of June 9, 2026). Geographic mix: US 48.1% · Canada 25.2% · Japan 3.9% (look-through) (provider look-through, june 9, 2026). Weights drift between rebalances — rebalances quarterly to strategic weights — the most explicit schedule.
What does ZEQT cost?
Currently 0.15% management fee; 0.18% published MER (fact sheets as of May 31, 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 ZEQT or one of its siblings?
The BMO ETFs ladder runs ZEQT · ZGRO · ZBAL · ZCON — same construction, different equity/bond dose. ZEQT sits at 100% equity (actual). 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 price-and-policy pick of the 100%-equity trio. The S&P-style construction is the one genuine trade-off — our three-way weighs it against the tilt question.
This page is for educational purposes only and is not investment advice. Fund facts were verified at BMO ETFs'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 as of May 31, 2026). We deliberately do not compare or project returns. Read the fund facts document before buying. See our methodology.