I am aware this is not tax related, but it is still a Canadian ETF question.
Ishares XUU total market ETF MER is %.07 and cheaper than Vanguards VUN with an MER of %.16
When looking at the holdings of XUU it only has 4... US Ishares that also have a MER ranging from %.03 to %.07
Is the XUU MER calculation taking into account the MER's from the other Ishare holdings, or is this something the purchaser should take into account when trying to find the cheapest ETF?