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Compare Manulife Smart Defensive Equity ETF (CDEF) vs BMO S&P/TSX Capped Composite Index ETF (ZCN) to find the best fit for your portfolio. CDEF and ZCN 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 ZCN. Performance-wise, CDEF has returned 12.44% year-to-date with +$0 M in net flows, whereas ZCN is at 14.25% 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
ZCN
| AuM | $3.71 M | $18,226.05 M |
| Management Fees | 0.25% | 0.05% |
| Exp. ratio | 0.28% | 0.06% |
| Tracking Difference | - | -0.10% |
Historical performance and flows
As of September 14, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CDEF | -1.87% | +1.20% | +12.44% | +16.76% | +68.84% |
ZCN | -2.63% | +1.72% | +14.25% | +23.97% | +87.98% | |
| Flows | CDEF | +$0 M | +$0 M | +$0 M | -$2 M | +$1 M |
ZCN | +$302 M | +$916 M | +$2,877 M | +$3,194 M | +$4,786 M |
CDEF vs ZCN exposure
Countries
CDEF
Canada
97.57%
ZCN
Canada
96.71%
Sectors
CDEF
Finance
34.19%
Energy
16.59%
Non-Energy Materials
9.95%
Industrials
8.79%
Consumer Non-Cyclicals
7.42%
Other
23.05%
ZCN
Finance
41.85%
Energy
17.20%
Non-Energy Materials
15.79%
Industrials
8.16%
Other
16.99%
As of September 14, 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%
ZCN
Royal Bank of Canada
8.11%
The Toronto-Dominion Bank
5.53%
Shopify, Inc.
4.13%
Bank of Montreal
3.46%
Enbridge, Inc.
3.34%
Canadian Imperial Bank of Commerce
3.00%
The Bank of Nova Scotia
2.98%
Canadian Natural Resources Ltd.
2.72%
Brookfield Corp.
2.48%
Suncor Energy, Inc.
2.18%
Diversification
CDEF
Total weight of top 10 holdings out of 65 total
28.76%
ZCN
Total weight of top 10 holdings out of 219 total
37.94%
Characteristics
Compare
CDEF
ZCN
| Provider | Manulife Investments | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | S&P/TSX Capped Composite Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.04% | 2.00% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2021 | May 29, 2009 |
Frequently asked questions about CDEF and ZCN
Which ETF has performed better year to date: CDEF or ZCN?
As of September 14, 2026, CDEF has returned 12.44% year to date, while ZCN has returned 14.25%. ZCN is ahead on YTD performance.
Which ETF is larger by assets under management: CDEF or ZCN?
As of September 14, 2026, CDEF manages $3.71 M in assets, while ZCN manages $18.23 B. ZCN is the larger fund by AUM.
How are CDEF and ZCN managed?
CDEF is actively managed by Manulife Investments. It does not track an index. ZCN is passively managed by BMO. It tracks the S&P/TSX Capped Composite Total Return Index - CAD benchmark.
What sectors do CDEF and ZCN emphasize?
CDEF is most exposed to Finance, Energy, and Non-Energy Materials. ZCN is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: CDEF or ZCN?
Year to date, CDEF has seen +$0.01 M in net flows, compared with +$2,877.20 M for ZCN. ZCN has attracted more net investor money so far.
How do the fees of CDEF and ZCN compare?
CDEF has an expense ratio of 0.28%, while ZCN has an expense ratio of 0.06%.
What are the top holdings of CDEF and ZCN?
CDEF's largest holdings include Sun Life Financial, Inc., Great-West Lifeco, Inc., and Royal Bank of Canada. ZCN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: CDEF or ZCN?
CDEF holds 65 securities, while ZCN holds 219. On holdings count, ZCN is the more diversified portfolio.
Recent articles about CDEF and ZCN
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