ZBAL holds 60% global equities + 40% bonds at a 0.20% MER. That's 0.04% cheaper than VBAL — meaningfully so over decades. Same underlying strategy. Different provider. Free trades on BMO InvestorLine make it the obvious pick for BMO bank clients.
★ ZBAL is cheaper by 0.04%, which compounds to ~$1,200 on a $100K position over 25 years. VBAL has more AUM and longer history. Free BMO ETFs on BMO InvestorLine break the tie for BMO clients.
ZBAL is functionally identical to VBAL with a 0.04% MER edge. For BMO InvestorLine clients (free BMO ETF trades), ZBAL is the obvious one-ticket balanced choice. For everyone else, the choice is provider preference — both are excellent.