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Self-directed investors who don’t want to pick stocks tend to prefer exchange-traded funds over mutual funds, and with good reason. ETFs are much cheaper to own, and that allows their returns to compare favourably with a majority of mutual funds. But what if you could find a cheap balanced mutual fund that gave you a fully diversified portfolio in one product? You might not want such a fund for your biggest accounts, but it might come in handy for a smaller account like a start-up TFSA.