VS
Manulife Smart U.S. Defensive Equity ETF (UDEF.U) and iShares MSCI USA Minimum Volatility Index ETF (XMU) offer distinct profiles for Canadian ETF investors. A direct comparison shows that UDEF.U focuses its top 3 sector exposures on Information Technology, Health Care, and Financials, while XMU leans towards Information Technology, Health Care, and Financials. When evaluating costs, UDEF.U features a management fee (MER) of 0.28%, compared to 0.3% for XMU. Performance-wise, UDEF.U has returned 9.25% year-to-date with -$0 M in net flows, whereas XMU is at 4.04% with -$59 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
UDEF.U
XMU
| AuM | $1.78 M | $330.27 M |
| Management Fees | 0.28% | 0.30% |
| Exp. ratio | 0.40% | 0.33% |
| Tracking Difference | - | -0.08% |
Historical performance and flows
As of June 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | UDEF.U | +3.75% | +6.94% | +9.25% | +14.16% | +41.76% |
XMU | +4.19% | +3.56% | +4.04% | +6.62% | +41.91% | |
| Flows | UDEF.U | -$0 M | +$0 M | -$0 M | +$0 M | -$1 M |
XMU | -$33 M | -$50 M | -$59 M | -$47 M | -$118 M |
UDEF.U vs XMU exposure
Countries
UDEF.U
USA
92.12%
Other
7.88%
XMU
USA
93.64%
Sectors
UDEF.U
Information Technology
31.89%
Health Care
12.13%
Financials
11.61%
Industrials
11.55%
Communication Services
7.27%
Other
25.54%
XMU
Information Technology
30.32%
Health Care
12.68%
Financials
11.63%
Consumer Staples
9.95%
Utilities
7.61%
Other
27.80%
As of June 11, 2026
Top 10 Holdings
UDEF.U
APPLIED MATERIAL
2.21%
VERIZON COMMUNICATIONS
2.20%
JOHNSON&JOHNSON
2.13%
ANALOG DEVICES
2.02%
MICROSOFT-T
1.93%
APPLE
1.91%
VISA INCORPORATION
1.91%
MASTERCARD
1.91%
MCDONALD'S
1.90%
MERCK & CO INC
1.89%
XMU
CISCO-T
1.80%
NVIDIA
1.64%
EXXON
1.60%
MICROSOFT-T
1.56%
DUKE ENERGY
1.55%
SOUTHERN
1.53%
AMPHENOL
1.50%
CHUBB LTD
1.49%
VERIZON COMMUNICATIONS
1.49%
WASTE MANAGEMENT
1.47%
Diversification
UDEF.U
Total weight of top 10 holdings out of 167 total
20.00%
XMU
Total weight of top 10 holdings out of 170 total
15.64%
Characteristics
Compare
UDEF.U
XMU
| Provider | Manulife Investments | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI USA Minimum Volatility Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.00% | 1.12% |
| Meets ESG criteria | No | No |
| Inception Date | November 9, 2022 | July 24, 2012 |
Frequently asked questions about UDEF.U and XMU
Which ETF has performed better year to date: UDEF.U or XMU?
As of June 11, 2026, UDEF.U has returned 9.25% year to date, while XMU has returned 4.04%. UDEF.U is ahead on YTD performance.
Which ETF is larger by assets under management: UDEF.U or XMU?
As of June 11, 2026, UDEF.U manages $1.78 M in assets, while XMU manages $330.27 M. XMU is the larger fund by AUM.
How are UDEF.U and XMU managed?
UDEF.U is actively managed by Manulife Investments. It does not track an index. XMU is passively managed by iShares. It tracks the MSCI USA Minimum Volatility Net Total Return Index - CAD benchmark.
What sectors do UDEF.U and XMU emphasize?
UDEF.U is most exposed to Information Technology, Health Care, and Financials. XMU is most exposed to Information Technology, Health Care, and Financials.
Which ETF is attracting more investor flows: UDEF.U or XMU?
Year to date, UDEF.U has seen -$0.00 M in net flows, compared with -$59.33 M for XMU. UDEF.U has attracted more net investor money so far.
How do the fees of UDEF.U and XMU compare?
UDEF.U has an expense ratio of 0.40%, while XMU has an expense ratio of 0.33%.
What are the top holdings of UDEF.U and XMU?
UDEF.U's largest holdings include APPLIED MATERIAL and VERIZON COMMUNICATIONS. XMU's top holdings include CISCO-T and NVIDIA.
Which ETF is more diversified: UDEF.U or XMU?
UDEF.U holds 163 securities, while XMU holds 165. On holdings count, XMU is the more diversified portfolio.
Recent articles about UDEF.U and XMU
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.