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Compare Manulife Smart Defensive Equity ETF (CDEF) vs Vanguard FTSE Canada All Cap Index ETF (VCN) to find the best fit for your portfolio. CDEF and VCN provide the same top sector exposures: Finance, Energy, and Non-Energy Materials. When evaluating costs, CDEF features a management fee (MER) of 0.25%, compared to 0.05% for VCN. Performance-wise, CDEF has returned 11.6% year-to-date with +$0 M in net flows, whereas VCN is at 14.02% with +$3 B. 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
VCN
| AuM | $3.68 M | $17,601.70 M |
| Management Fees | 0.25% | 0.05% |
| Exp. ratio | 0.28% | 0.06% |
| Tracking Difference | - | -0.08% |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CDEF | -2.23% | +1.35% | +11.60% | +15.31% | +71.01% |
VCN | -1.95% | +3.56% | +14.02% | +23.48% | +91.74% | |
| Flows | CDEF | -$2 M | +$0 M | +$0 M | -$2 M | +$1 M |
VCN | +$328 M | +$1,017 M | +$3,028 M | +$3,817 M | +$6,207 M |
CDEF vs VCN exposure
Countries
CDEF
Canada
97.57%
VCN
Canada
96.02%
Sectors
CDEF
Finance
34.19%
Energy
16.59%
Non-Energy Materials
9.95%
Industrials
8.79%
Consumer Non-Cyclicals
7.42%
Other
23.05%
VCN
Finance
42.55%
Energy
17.16%
Non-Energy Materials
15.41%
Industrials
7.66%
Other
17.23%
As of September 11, 2026
Top 10 Holdings
CDEF
Sun Life Financial, Inc.
3.84%
Great-West Lifeco, Inc.
3.05%
Royal Bank of Canada
2.85%
Bank of Montreal
2.85%
The Bank of Nova Scotia
2.76%
The Toronto-Dominion Bank
2.74%
Alimentation Couche-Tard, Inc.
2.70%
Cenovus Energy, Inc.
2.67%
Canadian National Railway Co.
2.67%
National Bank of Canada
2.63%
VCN
Royal Bank of Canada
8.25%
The Toronto-Dominion Bank
5.65%
Shopify, Inc.
4.04%
Bank of Montreal
3.57%
Enbridge, Inc.
3.35%
Canadian Imperial Bank of Commerce
3.07%
The Bank of Nova Scotia
3.05%
Canadian Natural Resources Ltd.
2.74%
Brookfield Corp.
2.51%
Suncor Energy, Inc.
2.25%
Diversification
CDEF
Total weight of top 10 holdings out of 65 total
28.76%
VCN
Total weight of top 10 holdings out of 212 total
38.46%
Characteristics
Compare
CDEF
VCN
| Provider | Manulife Investments | Vanguard |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada All Cap Domestic Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.05% | 1.99% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2021 | August 2, 2013 |
Frequently asked questions about CDEF and VCN
Which ETF has performed better year to date: CDEF or VCN?
As of September 11, 2026, CDEF has returned 11.60% year to date, while VCN has returned 14.02%. VCN is ahead on YTD performance.
Which ETF is larger by assets under management: CDEF or VCN?
As of September 11, 2026, CDEF manages $3.68 M in assets, while VCN manages $17.60 B. VCN is the larger fund by AUM.
How are CDEF and VCN managed?
CDEF is actively managed by Manulife Investments. It does not track an index. VCN is passively managed by Vanguard. It tracks the FTSE Canada All Cap Domestic Total Return Index - CAD benchmark.
What sectors do CDEF and VCN emphasize?
CDEF is most exposed to Finance, Energy, and Non-Energy Materials. VCN is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: CDEF or VCN?
Year to date, CDEF has seen +$0.01 M in net flows, compared with +$3,028.40 M for VCN. VCN has attracted more net investor money so far.
How do the fees of CDEF and VCN compare?
CDEF has an expense ratio of 0.28%, while VCN has an expense ratio of 0.06%.
What are the top holdings of CDEF and VCN?
CDEF's largest holdings include Sun Life Financial, Inc., Great-West Lifeco, Inc., and Royal Bank of Canada. VCN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: CDEF or VCN?
CDEF holds 65 securities, while VCN holds 211. On holdings count, VCN is the more diversified portfolio.
Recent articles about CDEF and VCN
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