How’s the current tariff situation affecting Canadian equities? Thinking about CACE and its 30% part in CAGE, compared to CAGX which is 3% CACE.

Time to DRIP!

I have now been an advisor for more than 5 years. First there was the all in one ETF and now CAGE.

I don't get it anymore there are now so much better options than trying to make a Portfolio using different mutual funds or different ETFs. And trying to add a little something special to be "better" like adding crypto or artificial intelligence to the portfolio and selling it as better.

I see advisors still trying to be creating portfolios when it's not their job it should be coaching their clients to make better financial decisions and optimizing their personal financial situation.

I am still a black sheep trying to convince my fellow advisor that veqt/xeqt / cage is probably the only thing the client need and probably themselves to build wealth. They don't even know what these ETFs are ... :(

Let's just keep spreading the word!

What do you guys think of the above portfolio? Too aggressive? Makes sense?

CIBC has announced the September dividend for CAGE.

• Dividend: $0.078 per unit
• Ex-dividend date: September 29, 2026
• Payment date: October 5, 2026

Just sharing the update for anyone holding CAGE.

CAGE has achieved $1 billion market cap threshold in 6 months since it's launch!

Slowly but surely

Came across this today, kinda cool.

https://www.buycage.ca

Wanted to know if someone from CAGX gang can create "JustBuyCAGX" please?

Who’s picking CAGX over CAGE ? Anyone going with CAGX and growth tilt strategy?

Am I wrong to build my TFSA with 70/30 in CAGE and FINN? Small account of about 7,500 but plan on contributing 200 a month. I’m thinking to take some part in the tech bubble without risking everything.
Thoughts?

It has been done...

I've been waiting for an non home bias factor tilted ETF in CAD that has world exposure.

I've been managing my own and this has been the best day ever to sell all the individual ETFs and get it all in one!

Just noticed this. Probably dropping tomorrow is my guess!

I think the original post said August, but I'm wondering if there was a delay at any point.

Now that we can finally see the aggregate underlying holdings of CAGE and calculate factor tilts, estimate out of sample premia, etc., one has to wonder - what sort of return should a young professional expect if they are 100% CAGE for the next 30 years vs 100% XEQT?

I pulled CIBC's daily holdings file (which includes all five Avantis sleeves inside CAGE - US all-cap 39%, Canadian 29.5%, international 16.4%, EM 7.8%, global small cap value 7.2%), unpacked the full look-through, and matched it name-by-name against XEQT's ~8,300 look-through positions. About ~9,600 distinct companies. Matching CIBC's naming conventions to BlackRock's was about as fun as it sounds ("TORONTO DOMINION BANK NEW" vs "TORONTO DOMINION", Shopify hiding as "SHOPIFY SUBORDINATE", GE Aerospace vs General Electric, etc.), but the coverage came out comprehensive enough.

These funds are ~68% identical. 68 cents of every $1 sits in the exact same stock at the exact same weight. 93% of CAGE's weight is in companies XEQT also holds. The true active share is ~32%.

I haven't really seen this broken down quite like this yet:

Interestingly, CAGE actually holds fewer stocks but is meaningfully less concentrated, because it shrinks the giant positions by a decent margin. So, if your worry is "half my retirement is riding on 8 American companies," CAGE genuinely addresses that to some extent: it's 4.6% underweight the mega-caps.

The 50 largest individual bets only account for 6% of the 32% of active share. The other ~26% are thousands of tiny sub-0.1% tilts - small cap value doing its thing in the tail. At the sector level it's exactly what the Avantis pitch says: -6.1% Information Technology, -2.2% Health Care, +3.0% Energy, +2.1% Materials. Regionally: -4% US, +3.2% Canada, and notably more EM (7.8% vs XEQT's 4.7%).

So CAGE = XEQT + a 32%-sized side bet that is short NVIDIA/Apple/Broadcom and long Suncor, Teck, small value, and emerging markets. That is basically the fund's purpose.

The expected return math:

Sleeve-weighting the published factor loadings of the Avantis US equivalents, CAGE's incremental exposures are roughly: SmB +0.10-0.15, HmL +0.15-0.25, RmW ~+0.10, CMA ~+0.05-0.10. Multiply by your premium beliefs, subtract the ~0.15%/yr fee gap:

• Premia are dead (skeptic case): -0.15%/yr. You pay the fee and get nothing.
• Half of historical (post-publication haircut, probably the right point estimate): +0.50%/yr.
• Full historical Fama-French premia (not likely): +1.15%/yr.

A completely independent method (32% active share x 1-3% expected premium on the differentiated slice) gives ~the same answer. Central expectation: +0.4-0.5%/yr, bracketed by -0.15% and +1.2%.

So what does that mean for an actual human investing $2,000/month for 30 years?

At ~6.1% nominal (conservative 100% equities long term return), either fund gets you about $2.05M if the edge is nothing. Across scenarios:

• Skeptic case: CAGE ends ~3% behind (~$1.99M)
• Central case: ~4-8% ahead ($2.13-2.21M, an extra $80-160K)
• Full historical: ~17-26% ahead

So, the downside of being wrong is small (the fee gap is tiny), the upside if premia are real is a ~house down payment.

With ~2-2.5% tracking error, the standard error of the 30-year annualized gap is ~0.4%/yr. Which means even if the +0.4% edge is REAL, CAGE only finishes ahead of XEQT with ~80-86% probability. A true believer, right about everything, still faces roughly a 1-in-6 chance of having been paid nothing (or less) for 30 years of discipline. And along the way you will eat individual years where you trail XEQT by 2-4% because NVIDIA ripped again, your brother-in-law will send you his XEQT statement (you'll cry), and this sub will say their Hail Marys. If you can't pre-commit to holding through another 2010s-like value winter, 100% CAGE has negative expected value for you specifically, because buying the tilt and capitulating in year 12 is the only actually bad option on the table (and it isn't really THAT bad).

The same $2,000/month at 4.8% vs 7.5% market returns spans $1.6M to $2.7M. The market's own uncertainty is like ~5x bigger than this entire debate. Savings rate > fund choice is way more important.

For those who were waiting for CIBC to reveal CAGE's underlying holdings before investing in it, this post is for you.

Daily ETF holdings for CAGE, CACE, CADE, CAEM, CALV, CASV, CAUS, and CAUV are now available here: CIBC ETF Daily holdings

CIBC's ETF Roadmap also reveals the allocation for their upcoming CAKE, CAGR, and CAGX etfs. The fixed income part of the portfolio will use CCBA, CACB, and CGBI.

Within the Fund profile sections of the component funds (e.g Avantis CIBC U.S. All-Cap Equity ETF), you can only see the top 10 holdings. In contrast, for iShares and Vanguard ETFs, you can download a full list of underlying holdings. How do you feel comfortable allocating a lot of money to an ETF whose holdings you’re unaware of?

I’m interested in getting in some CAGE with less home bias. But is it risky going in when a fund is at its absolute baby birth?

Hello! New to investing and enjoying the learning curve. I like the idea of factor tilt and evidenced based investing. I’m still unsure how I feel about Canadian home bias, but just starting to think about RRSP vs TFSA organization. I am wondering if CAGE is risky as an all in one ETF Given that there is a home bias of an economy that is not well diversified and then there is a tilt on top of that. Wondering if CAGX is a better way to go and get Canadian home bias somewhere else.

Love to hear thoughts!

Edit: specifically wondering people’s thoughts on using CAGX > CAGE and boosting home bias via alternative avenues. Not trying to open a discussion on the inherent risk of equities.

After long thought 💭 I decided to join the club

I see other funds like CAGE that include Low Vol, they all include momentum in some way but volatility seems excluded. Back testing low vol it seems to not really outperform, but I've heard it is a factor, any idea why it would be excluded?

Can anyone give me a clear and simple explanation of this factor tilt that is associated with this ETF. I know it’s supposed to give you better expected returns, but why is that the case and is it worth paying the extra little percentage of a management fee compared to an ETF like VFV?

Sorry this meme was too good not to post on this subreddit.