CAGE Fee Breakdown
How much does CAGE's MER actually cost?
CAGE is Avantis' factor-tilted all-in-one: not a passive index fund but a systematic bet on value and profitability premia. Its MER is higher than a plain index ETF, so the worth-it question is different. Here is what it costs and what you are paying for.
Calculate your CAGE cost
CAGE is already selected. Enter your RRSP, TFSA, and non-registered balances to see what its MER and foreign withholding tax cost you per year, and where splitting starts to pay.
Your Portfolio
Enter what you have in each account. Leave 0 for any you don't use.
Your Savings
What CAGE's ~0.32% MER costs per year
CAGE's MER is roughly 0.32% (estimated from stated management fees; CAGE and the CIBC Avantis ETFs launched in early 2026, and official MERs will publish at first fiscal year-end). On $100,000 that is about $320 a year, and around $1,600 on $500,000. That is meaningfully more than XEQT's 0.20%, by design.
You are paying for factor exposure, not just market beta. CAGE also holds US equity through a Canadian-dollar wrapper, so it carries the usual US foreign withholding tax (FWT) drag inside an RRSP. The split keeps the Avantis tilts but moves the US sleeve into USD-listed AVUS held directly to recover that tax. The calculator nets the MER gap and the FWT recovery for your account mix.
CAGE specifications
CAGE: ETF Specifications
- MER
- ~0.32% (est.)
- Holdings
- ~5,200
- Equity / Bond
- 100% equity
- Distribution
- Quarterly
- Inception
- Feb 2023
- AUM
- ~$270M CAD
- Exchange
- TSX
- Currency
- CAD
What does CAGE hold?
CAGE is a 100% equity, globally diversified portfolio that systematically overweights smaller, cheaper, more profitable companies rather than tracking the market cap-weighted index. That factor tilt is the whole point of the fund and the reason its fee sits above a passive all-in-one.
The USD-optimized split replaces the CAD-listed US and small-cap-value sleeves with USD-listed Avantis equivalents (AVUS, AVUV, AVDV) while keeping the Canadian, international and emerging-market Avantis funds (CACE, CADE, CAEM). It preserves the factor strategy and recovers the RRSP withholding tax, at the cost of currency conversion and more moving parts. Note: AVDV is USD-listed but holds international stocks, so it should not be held in a TFSA.
The convenience cost at common portfolio sizes
The convenience cost: CAGE vs splitting
Assumes 50% RRSP allocation. See the calculator for your own numbers.
| Portfolio | Annual cost | 20-year cost (compounded) |
|---|---|---|
| $250K | $369/yr | $13,579 |
| $500K | $738/yr | $27,158 |
| $1M | $1,477/yr | $54,316 |
Annual cost combines MER drag and foreign withholding tax savings foregone, against a split into AVUS, CACE, CADE, AVUV, AVDV, CAEM. Assumes a 50% RRSP allocation. The 20-year figure compounds annual savings at 6% growth. Use the calculator above for your own account mix.
Is CAGE's fee worth it versus DIY?
For CAGE the fee question is really two questions. First, do you want factor exposure at all? If you only want the global market cheaply, a passive fund like XEQT is the better fit and the cost comparison is not close. If you do want the tilt, the relevant comparison is CAGE versus building the same Avantis sleeves yourself.
Splitting CAGE saves only a little on MER (the Avantis components are not cheap either); its main benefit is recovering the RRSP withholding tax on the US sleeve. That makes the split most worthwhile for larger, RRSP-heavy portfolios. Preselect CAGE below to see your numbers.