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Compare Manulife Smart Defensive Equity ETF (CDEF) vs Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE) to find the best fit for your portfolio. CDEF provides Financials, Energy, and Industrials exposures, while ICAE is primarily weighted in Financials, Energy, and Materials. When evaluating costs, CDEF features a management fee (MER) of 0.25%, compared to 0.2% for ICAE. Performance-wise, CDEF has returned 10.11% year-to-date with +$0 M in net flows, whereas ICAE is at 13.52% with +$1 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
CDEF
ICAE
| AuM | $3.67 M | $10.65 M |
| Management Fees | 0.25% | 0.20% |
| Exp. ratio | 0.28% | 0.23% |
| Tracking Difference | - | -0.41% |
Historical performance and flows
As of June 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CDEF | +2.11% | +4.94% | +10.11% | +20.81% | +67.54% |
ICAE | +4.08% | +8.62% | +13.52% | +30.19% | +78.32% | |
| Flows | CDEF | +$0 M | -$0 M | +$0 M | -$2 M | +$1 M |
ICAE | -$0 M | -$0 M | +$1 M | +$0 M | +$6 M |
CDEF vs ICAE exposure
Countries
CDEF
Canada
96.44%
ICAE
Canada
99.61%
Sectors
CDEF
Financials
27.82%
Energy
17.45%
Industrials
14.58%
Materials
12.61%
Utilities
7.51%
Other
20.03%
ICAE
Financials
44.07%
Energy
16.40%
Materials
10.07%
Industrials
9.36%
Other
20.10%
As of June 11, 2026
Top 10 Holdings
CDEF
CENOVUS ENERGY
3.50%
IMPERIAL OIL
3.22%
ENBRIDGE
2.84%
CANADIAN PACIFIC RAILWAY
2.73%
TC ENERGY CORP
2.71%
HYDRO ONE
2.65%
NATIONAL BANK OF CANADA
2.65%
FORTIS
2.64%
CDN NATL RAILWAY
2.58%
CDN IMPERIAL BK
2.58%
ICAE
ROYAL BK CANADA
7.91%
ENBRIDGE
7.57%
BANK OF MONTREAL
6.82%
CDN IMPERIAL BK
6.46%
BNS
6.07%
TC ENERGY CORP
4.37%
MANULIFE-S
4.15%
WHEATON PRECIOUS METALS CORP
3.81%
CDN NATL RAILWAY
3.78%
NATIONAL BANK OF CANADA
3.76%
Diversification
CDEF
Total weight of top 10 holdings out of 60 total
28.09%
ICAE
Total weight of top 10 holdings out of 63 total
54.68%
Characteristics
Compare
CDEF
ICAE
| Provider | Manulife Investments | Invesco |
| Management | Actively managed | Passively managed |
| Benchmark | - | S&P/TSX Canadian Dividend Aristocrats ESG FMC Weighted Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.41% | 2.75% |
| Meets ESG criteria | No | Yes |
| Inception Date | November 10, 2021 | February 10, 2023 |
Frequently asked questions about CDEF and ICAE
Which ETF has performed better year to date: CDEF or ICAE?
As of June 11, 2026, CDEF has returned 10.11% year to date, while ICAE has returned 13.52%. ICAE is ahead on YTD performance.
Which ETF is larger by assets under management: CDEF or ICAE?
As of June 11, 2026, CDEF manages $3.67 M in assets, while ICAE manages $10.65 M. ICAE is the larger fund by AUM.
How are CDEF and ICAE managed?
CDEF is actively managed by Manulife Investments. It does not track an index. ICAE is passively managed by Invesco. It tracks the S&P/TSX Canadian Dividend Aristocrats ESG FMC Weighted Index - CAD benchmark.
What sectors do CDEF and ICAE emphasize?
CDEF is most exposed to Financials, Energy, and Industrials. ICAE is most exposed to Financials, Energy, and Materials.
Which ETF is attracting more investor flows: CDEF or ICAE?
Year to date, CDEF has seen +$0.00 M in net flows, compared with +$1.46 M for ICAE. ICAE has attracted more net investor money so far.
How do the fees of CDEF and ICAE compare?
CDEF has an expense ratio of 0.28%, while ICAE has an expense ratio of 0.23%.
What are the top holdings of CDEF and ICAE?
CDEF's largest holdings include CENOVUS ENERGY, IMPERIAL OIL, and ENBRIDGE. ICAE's top holdings include ROYAL BK CANADA, ENBRIDGE, and BANK OF MONTREAL.
Which ETF is more diversified: CDEF or ICAE?
CDEF holds 60 securities, while ICAE holds 60. On holdings count, CDEF is the more diversified portfolio.
Recent articles about CDEF and ICAE
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