An all-in-one ETF is a fund-of-funds holding a globally diversified mix of stock and bond ETFs. Buying one share gives you exposure to thousands of securities across the US, Canada, developed markets, and emerging markets.
VEQT (Vanguard) and XEQT (iShares) are 100% equity. They suit investors with a long horizon who can stomach full stock-market drawdowns.
VGRO and XGRO are 80/20 equity/bond. They suit investors who want a meaningful bond cushion without managing it manually.
VBAL and XBAL are 60/40. More conservative, lower expected return, smaller drawdowns.
The fund handles rebalancing for you. You pay a small additional layer of fees for that convenience — around 0.2% versus 0.04% for DIY — but you save the cost of your own time and the risk of drift.
For most Canadian retail investors starting out, picking one all-in-one and contributing regularly is a defensible, boring, effective strategy.