CAGE vs FEQT: the Avantis factor ETF vs Fidelity's all-equity ETF

Short answer: CAGE and FEQT are both one-ticker, all-equity ETFs, but they’re built on different ideas. CAGE is CIBC and Avantis’s globally diversified equity ETF that systematically tilts toward value, smaller, and more profitable companies, at a 0.28% management fee, listed in March 2026. FEQT is Fidelity’s all-equity all-in-one ETF, a fund-of-funds over Fidelity’s own ETFs at roughly a 0.39% management fee, trading since 2022, with a broad global allocation that also includes a small (about 3%) Bitcoin sleeve. The big differences: the factor tilt, the fee, the Bitcoin exposure, and the length of track record.

If you want a single all-equity ticker and you’ve landed on these two, you’re choosing between two genuinely different philosophies, not two flavours of the same index fund. This guide puts CAGE and FEQT side by side on the things that actually differ. None of this is financial advice, and CAGE is new enough that its full MER hasn’t been published yet, so confirm the current numbers against each issuer’s filings before acting.

CAGE vs FEQT at a glance

CAGE vs FEQT

Attribute	CAGE	FEQT
Full name	Avantis CIBC all-equity ETF	Fidelity All-in-One Equity ETF
Manager	CIBC, sub-advised by Avantis	Fidelity Canada, co-managed with Geode
Listed	March 2026	January 2022
Management fee	0.28%	about 0.39%
Strategy	Systematic tilt to value, smaller, profitable	Broad global allocation across Fidelity ETFs
Bitcoin	None	About 3% (via a Bitcoin index sleeve)
Structure	Fund-of-funds over Avantis equity ETFs	Fund-of-funds over Fidelity ETFs
Exchange	TSX (CAD)	Cboe Canada (CAD)

Both are 100% equity, both are one-ticker fund-of-funds, and both are globally diversified across Canada, the U.S., and international markets. From there, they diverge on four things worth understanding.

Difference 1: the factor tilt

This is the heart of it. CAGE runs an Avantis strategy: a rules-based, systematic tilt toward stocks that are cheaper (value), smaller, and more profitable, based on decades of academic research suggesting those characteristics have earned a premium over time. It’s not stock-picking, but it’s not a plain market-cap index either. It deliberately leans away from the biggest, most expensive names.

FEQT is closer to the broad market. It holds a composite of Fidelity’s underlying ETFs roughly tracking large global indices (the S&P/TSX in Canada, the Russell 1000 in the U.S., and developed international markets), so its equity exposure looks much more like the overall market-cap weighting. If you believe in the factor premium, CAGE is built to capture it and FEQT mostly isn’t. If you’d rather just own the market, FEQT is the more market-like of the two.

Difference 2: the Bitcoin sleeve

The detail most people miss: FEQT holds a small Bitcoin allocation, around 3% of the fund, through a Bitcoin index sleeve inside the wrapper. CAGE holds none; it’s pure equity.

That’s a real philosophical fork. For some investors, a few percent of Bitcoin baked into an all-equity fund is a feature, a built-in slice of an asset they’d otherwise have to add themselves. For others it’s a dealbreaker, because they want their equity ETF to be equities and nothing else, and they’d rather size any crypto exposure deliberately on their own. Neither view is wrong, but you should know it’s there before you buy FEQT, because it’s not what most people expect from an “equity” ETF.

Difference 3: the fee

CAGE’s management fee is 0.28%. FEQT’s is roughly 0.39%. On $10,000, that’s about $28 a year versus $39, an 11-dollar gap that compounds over decades but is small in absolute terms. As always, the management fee isn’t the full cost: the all-in MER (which, for CAGE, isn’t published yet) will run a touch higher for both once underlying-fund and trading costs are included. CAGE is the cheaper of the two on the stated fee.

Difference 4: the track record

FEQT has traded since January 2022, so it has a multi-year record you can actually look at through different markets. CAGE listed in March 2026, so it has almost no history yet, only its stated strategy and fee. That doesn’t make CAGE worse, the Avantis approach has a long track record in its U.S. equivalents, but if you want to see how a fund has actually behaved before you commit, FEQT gives you more to look at.

So which one?

If you want the lowest fee and you buy the factor-investing thesis, CAGE is the more deliberate, cheaper choice. If you’d rather own something closer to the broad market, with a longer track record and you’re comfortable with (or actively want) a small Bitcoin allocation baked in, FEQT fits better. And if the Bitcoin sleeve is a hard no for you, that alone points you to CAGE.

If neither tilt nor crypto appeals and you just want the plainest, cheapest one-ticker option, a market-cap index fund like XEQT or VEQT is worth a look too. The point is to choose on strategy, not on which fund is newest.

Frequently asked questions

What’s the difference between CAGE and FEQT?

Both are one-ticker all-equity ETFs, but CAGE systematically tilts toward value, smaller, and more profitable companies (an Avantis strategy) at a 0.28% fee, while FEQT holds a broader, more market-like global allocation across Fidelity ETFs at roughly 0.39%, and includes a small (about 3%) Bitcoin sleeve. CAGE is cheaper and factor-tilted; FEQT is broader, longer-running, and holds a bit of Bitcoin.

Does FEQT hold Bitcoin?

Yes. FEQT includes a small Bitcoin allocation, around 3% of the fund, through a Bitcoin index sleeve inside the ETF. CAGE holds no Bitcoin; it’s a pure-equity fund. If you don’t want crypto exposure inside your equity ETF, that’s a reason to prefer CAGE.

Is CAGE or FEQT cheaper?

CAGE is cheaper on the stated management fee: 0.28% versus roughly 0.39% for FEQT. The full MER runs a little higher than the management fee for both, and CAGE’s hasn’t been published yet because it’s new, so compare the reported MERs once CAGE has a track record.

Which has a longer track record, CAGE or FEQT?

FEQT, by a wide margin. It has traded since January 2022, while CAGE only listed in March 2026. CAGE’s underlying Avantis strategy has a longer record in its U.S. equivalents, but the Canadian-listed fund itself is new.

Bottom line

CAGE and FEQT both give you a globally diversified, all-equity portfolio in one ticker, but they’re different bets. CAGE is cheaper (0.28%) and tilts systematically toward value and profitability; FEQT is broader and more market-like, has a multi-year track record, and folds in a small Bitcoin allocation at a slightly higher fee. Decide which thesis you believe, and the choice gets easy. Whichever you pick, the moment you own it you’ve added a holding that needs tracking alongside everything else, which is exactly the gap Greenline is built to close.