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Compare TD Q Canadian Low Volatility ETF (TCLV) vs Manulife Smart Defensive Equity ETF (CDEF) to find the best fit for your portfolio. TCLV provides Finance, Consumer Non-Cyclicals, and Utilities exposures, while CDEF is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, TCLV features a management fee (MER) of 0.3%, compared to 0.25% for CDEF. Performance-wise, TCLV has returned 7.91% year-to-date with +$35 M in net flows, whereas CDEF is at 14.08% with +$0 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
TCLV
CDEF
| AuM | $124.17 M | $3.76 M |
| Management Fees | 0.30% | 0.25% |
| Exp. ratio | 0.34% | 0.28% |
| Tracking Difference | - | - |
Historical performance and flows
As of August 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TCLV | -1.98% | +4.82% | +7.91% | +14.01% | +64.55% |
CDEF | +0.18% | +5.39% | +14.08% | +21.87% | +75.55% | |
| Flows | TCLV | +$3 M | +$4 M | +$35 M | +$52 M | +$68 M |
CDEF | +$0 M | +$0 M | +$0 M | -$2 M | +$1 M |
TCLV vs CDEF exposure
Countries
TCLV
Canada
97.92%
CDEF
Canada
96.21%
Sectors
TCLV
Finance
29.74%
Consumer Non-Cyclicals
17.93%
Utilities
15.34%
Energy
11.18%
Other
25.82%
CDEF
Finance
33.92%
Energy
15.46%
Non-Energy Materials
10.33%
Industrials
8.78%
Consumer Non-Cyclicals
7.31%
Other
24.21%
As of August 17, 2026
Top 10 Holdings
TCLV
The Toronto-Dominion Bank
5.31%
Fortis, Inc.
5.15%
Loblaw Cos. Ltd.
5.04%
Emera, Inc.
4.34%
Intact Financial Corp.
4.23%
Hydro One Ltd.
4.10%
Alimentation Couche-Tard, Inc.
3.89%
Dollarama, Inc.
3.44%
Great-West Lifeco, Inc.
3.44%
Royal Bank of Canada
3.41%
CDEF
Great-West Lifeco, Inc.
2.99%
Royal Bank of Canada
2.88%
Bank of Montreal
2.87%
The Toronto-Dominion Bank
2.83%
The Bank of Nova Scotia
2.79%
Sun Life Financial, Inc.
2.72%
Intact Financial Corp.
2.71%
Alimentation Couche-Tard, Inc.
2.70%
National Bank of Canada
2.62%
Canadian Imperial Bank of Commerce
2.58%
Diversification
TCLV
Total weight of top 10 holdings out of 55 total
42.35%
CDEF
Total weight of top 10 holdings out of 65 total
27.70%
Characteristics
Compare
TCLV
CDEF
| Provider | TD Asset Management | Manulife Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.51% | 1.03% |
| Meets ESG criteria | No | No |
| Inception Date | June 2, 2020 | November 10, 2021 |
Frequently asked questions about TCLV and CDEF
Which ETF has performed better year to date: TCLV or CDEF?
As of August 17, 2026, TCLV has returned 7.91% year to date, while CDEF has returned 14.08%. CDEF is ahead on YTD performance.
Which ETF is larger by assets under management: TCLV or CDEF?
As of August 17, 2026, TCLV manages $124.17 M in assets, while CDEF manages $3.76 M. TCLV is the larger fund by AUM.
How are TCLV and CDEF managed?
TCLV is actively managed by TD Asset Management. It does not track an index. CDEF is actively managed by Manulife Investments. It does not track an index.
What sectors do TCLV and CDEF emphasize?
TCLV is most exposed to Finance, Consumer Non-Cyclicals, and Utilities. CDEF is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: TCLV or CDEF?
Year to date, TCLV has seen +$34.86 M in net flows, compared with +$0.01 M for CDEF. TCLV has attracted more net investor money so far.
How do the fees of TCLV and CDEF compare?
TCLV has an expense ratio of 0.34%, while CDEF has an expense ratio of 0.28%.
What are the top holdings of TCLV and CDEF?
TCLV's largest holdings include The Toronto-Dominion Bank, Fortis, Inc., and Loblaw Cos. Ltd.. CDEF's top holdings include Great-West Lifeco, Inc., Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: TCLV or CDEF?
TCLV holds 55 securities, while CDEF holds 65. On holdings count, CDEF is the more diversified portfolio.
Recent articles about TCLV and CDEF
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