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Compare iShares U.S. Aerospace & Defense Index ETF (XAD) vs BMO SPDR Industrials Select Sector Index ETF (ZXLI.F) to find the best fit for your portfolio. XAD provides Industrials and Non-Energy Materials exposures, while ZXLI.F is primarily weighted in Industrials, Business Services, and Non-Energy Materials. When evaluating costs, XAD features a management fee (MER) of 0.39%, compared to 0.21% for ZXLI.F. Performance-wise, XAD has returned 0.36% year-to-date with +$51 M in net flows, whereas ZXLI.F is at 7.76% with +$6 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
ZXLI.F
| AuM | $155.65 M | $10.82 M |
| Management Fees | 0.39% | 0.21% |
| Exp. ratio | 0.43% | 0.21% |
| Tracking Difference | -0.52% | - |
Historical performance and flows
As of October 9, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAD | -2.46% | -13.10% | +0.36% | -0.19% | +100.65% |
ZXLI.F | -1.58% | -6.91% | +7.76% | +8.81% | - | |
| Flows | XAD | -$2 M | -$6 M | +$51 M | +$68 M | +$140 M |
ZXLI.F | -$1 M | +$2 M | +$6 M | +$7 M | - |
XAD vs ZXLI.F exposure
Countries
XAD
USA
99.77%
ZXLI.F
USA
92.93%
Other
7.07%
Sectors
XAD
Industrials
96.01%
ZXLI.F
Industrials
88.55%
Other
11.45%
As of October 9, 2026
Top 10 Holdings
XAD
GE Aerospace
21.58%
RTX Corp.
17.24%
The Boeing Co.
9.07%
General Dynamics Corp.
4.83%
Lockheed Martin Corp.
4.74%
Northrop Grumman Corp.
4.41%
Howmet Aerospace, Inc.
4.35%
TransDigm Group, Inc.
4.29%
L3Harris Technologies, Inc.
3.70%
Axon Enterprise, Inc.
3.40%
ZXLI.F
Caterpillar, Inc.
6.67%
GE Aerospace
6.36%
RTX Corp.
5.08%
GE Vernova, Inc.
4.39%
Union Pacific Corp.
3.24%
Deere & Co.
2.99%
The Boeing Co.
2.98%
Eaton Corp. Plc
2.84%
Uber Technologies, Inc.
2.80%
Parker-Hannifin Corp.
2.24%
Diversification
XAD
Total weight of top 10 holdings out of 48 total
77.61%
ZXLI.F
Total weight of top 10 holdings out of 82 total
39.59%
Characteristics
Compare
XAD
ZXLI.F
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Dow Jones U.S. Select Aerospace & Defense Index - CAD | S&P Industrial Select Sector Total Return Index - USD |
| Replication Method | Direct (Physical) | Other |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.34% | 0.75% |
| Meets ESG criteria | No | No |
| Inception Date | September 6, 2023 | February 2, 2025 |
Frequently asked questions about XAD and ZXLI.F
Which ETF has performed better year to date: XAD or ZXLI.F?
As of October 9, 2026, XAD has returned 0.36% year to date, while ZXLI.F has returned 7.76%. ZXLI.F is ahead on YTD performance.
Which ETF is larger by assets under management: XAD or ZXLI.F?
As of October 9, 2026, XAD manages $155.65 M in assets, while ZXLI.F manages $10.82 M. XAD is the larger fund by AUM.
How are XAD and ZXLI.F managed?
XAD is passively managed by iShares. It tracks the Dow Jones U.S. Select Aerospace & Defense Index - CAD benchmark. ZXLI.F is passively managed by BMO. It tracks the S&P Industrial Select Sector Total Return Index - USD benchmark.
What sectors do XAD and ZXLI.F emphasize?
XAD is most exposed to Industrials and Non-Energy Materials. ZXLI.F is most exposed to Industrials, Business Services, and Non-Energy Materials.
Which ETF is attracting more investor flows: XAD or ZXLI.F?
Year to date, XAD has seen +$51.39 M in net flows, compared with +$5.75 M for ZXLI.F. XAD has attracted more net investor money so far.
How do the fees of XAD and ZXLI.F compare?
XAD has an expense ratio of 0.43%, while ZXLI.F has an expense ratio of 0.21%.
What are the top holdings of XAD and ZXLI.F?
XAD's largest holdings include GE Aerospace, RTX Corp., and The Boeing Co.. ZXLI.F's top holdings include Caterpillar, Inc., GE Aerospace, and RTX Corp..
Which ETF is more diversified: XAD or ZXLI.F?
XAD holds 47 securities, while ZXLI.F holds 82. On holdings count, ZXLI.F is the more diversified portfolio.
Recent articles about XAD and ZXLI.F
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