VS
iShares U.S. Aerospace & Defense Index ETF (XAD) and BMO Equal Weight Banks Index ETF (ZEB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XAD focuses its top 3 sector exposures on Industrials, Materials, and Consumer Discretionary, while ZEB leans towards Financials. When evaluating costs, XAD features a management fee (MER) of 0.39%, compared to 0.25% for ZEB. Performance-wise, XAD has returned 15.73% year-to-date with +$57 M in net flows, whereas ZEB is at 28.06% with -$535 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
XAD
ZEB
| AuM | $185.15 M | $6,306.13 M |
| Management Fees | 0.39% | 0.25% |
| Exp. ratio | 0.43% | 0.28% |
| Tracking Difference | -0.83% | -0.62% |
Historical performance and flows
As of June 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAD | +13.38% | +6.63% | +15.73% | +39.45% | - |
ZEB | +10.10% | +24.68% | +28.06% | +71.51% | +148.45% | |
| Flows | XAD | -$5 M | -$2 M | +$57 M | +$112 M | - |
ZEB | +$679 M | +$394 M | -$535 M | -$374 M | -$1,242 M |
XAD vs ZEB exposure
Countries
XAD
USA
97.77%
ZEB
Canada
100.00%
Sectors
XAD
Industrials
89.15%
Other
7.05%
ZEB
Financials
100.00%
As of June 17, 2026
Top 10 Holdings
XAD
GENERAL ELECTRIC
19.42%
RAYTHEON TECHNOLOGIES CORPORD
15.09%
BOEING U
10.24%
GENERAL DYNAMICS
4.78%
HOWMET AEROSPACE INC
4.74%
TRANSDIGM GROUP
4.53%
L3 HARRIS TECHNOLOGIES
4.32%
LOCKHEED MARTIN
3.92%
NORTHROP GRUMMAN
3.88%
US7731211089
3.27%
ZEB
TORONTO DOMINION
17.02%
CDN IMPERIAL BK
16.89%
NATIONAL BANK OF CANADA
16.73%
ROYAL BK CANADA
16.71%
BNS
16.37%
BANK OF MONTREAL
16.28%
Diversification
XAD
Total weight of top 10 holdings out of 44 total
74.20%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XAD
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Dow Jones U.S. Select Aerospace & Defense Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.31% | 2.36% |
| Meets ESG criteria | No | No |
| Inception Date | September 6, 2023 | October 20, 2009 |
Frequently asked questions about XAD and ZEB
Which ETF has performed better year to date: XAD or ZEB?
As of June 17, 2026, XAD has returned 15.73% year to date, while ZEB has returned 28.06%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XAD or ZEB?
As of June 17, 2026, XAD manages $185.15 M in assets, while ZEB manages $6.31 B. ZEB is the larger fund by AUM.
How are XAD and ZEB managed?
XAD is passively managed by iShares. It tracks the Dow Jones U.S. Select Aerospace & Defense Index - CAD benchmark. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XAD and ZEB emphasize?
XAD is most exposed to Industrials, Materials, and Consumer Discretionary. ZEB is most exposed to Financials.
Which ETF is attracting more investor flows: XAD or ZEB?
Year to date, XAD has seen +$56.59 M in net flows, compared with -$534.91 M for ZEB. XAD has attracted more net investor money so far.
How do the fees of XAD and ZEB compare?
XAD has an expense ratio of 0.43%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XAD and ZEB?
XAD's largest holdings include GENERAL ELECTRIC, RAYTHEON TECHNOLOGIES CORPORD, and BOEING U. ZEB's top holdings include TORONTO DOMINION, CDN IMPERIAL BK, and NATIONAL BANK OF CANADA.
Which ETF is more diversified: XAD or ZEB?
XAD holds 36 securities, while ZEB holds 6. On holdings count, XAD is the more diversified portfolio.
Recent articles about XAD and ZEB
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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.