VS
iShares S&P/TSX Small Cap Index ETF (XCS) and BMO S&P US Small Cap Index ETF (ZSML) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XCS focuses its top 3 sector exposures on Non-Energy Materials, Energy, and Finance, while ZSML leans towards Finance, Technology, and Industrials. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.2% for ZSML. Performance-wise, XCS has returned 14.6% year-to-date with -$9 M in net flows, whereas ZSML is at 19.44% with +$84 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
XCS
ZSML
| AuM | $239.13 M | $197.32 M |
| Management Fees | 0.55% | 0.20% |
| Exp. ratio | 0.60% | 0.22% |
| Tracking Difference | -0.76% | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -4.75% | -0.41% | +14.60% | +24.26% | +120.78% |
ZSML | +1.23% | -3.60% | +19.44% | +20.28% | +66.57% | |
| Flows | XCS | +$0 M | +$4 M | -$9 M | +$6 M | +$1 M |
ZSML | +$5 M | +$10 M | +$84 M | +$82 M | +$72 M |
XCS vs ZSML exposure
Countries
XCS
Canada
95.61%
ZSML
USA
97.80%
Sectors
XCS
Non-Energy Materials
35.57%
Energy
19.59%
Finance
15.09%
Industrials
12.52%
Other
17.24%
ZSML
Finance
25.39%
Technology
13.86%
Industrials
12.89%
Healthcare
10.93%
Consumer Cyclicals
7.80%
Other
29.13%
As of October 30, 2026
Top 10 Holdings
XCS
Ero Copper Corp.
1.84%
Wesdome Gold Mines Ltd.
1.75%
Athabasca Oil Corp.
1.68%
Russel Metals, Inc.
1.67%
Kinaxis, Inc.
1.63%
Fortuna Mining Corp.
1.60%
Trekor Metals Ltd.
1.56%
Bird Construction, Inc.
1.53%
Baytex Energy Corp.
1.39%
Enerflex Ltd.
1.33%
ZSML
FormFactor, Inc.
0.62%
Qorvo, Inc.
0.56%
ViaSat, Inc.
0.56%
Glaukos Corp.
0.55%
Match Group, Inc.
0.54%
Protagonist Therapeutics, Inc.
0.53%
CarMax, Inc.
0.49%
Paycom Software, Inc.
0.49%
Ryman Hospitality Properties, Inc.
0.49%
Element Solutions, Inc.
0.48%
Diversification
XCS
Total weight of top 10 holdings out of 233 total
15.98%
ZSML
Total weight of top 10 holdings out of 603 total
5.30%
Characteristics
Compare
XCS
ZSML
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Smallcap Total Return Index - CAD | S&P SmallCap 600 Index - USD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.64% | 1.04% |
| Meets ESG criteria | No | No |
| Inception Date | May 14, 2007 | February 11, 2020 |
Frequently asked questions about XCS and ZSML
Which ETF has performed better year to date: XCS or ZSML?
As of October 30, 2026, XCS has returned 14.60% year to date, while ZSML has returned 19.44%. ZSML is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZSML?
As of October 30, 2026, XCS manages $239.13 M in assets, while ZSML manages $197.32 M. XCS is the larger fund by AUM.
How are XCS and ZSML managed?
XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap Total Return Index - CAD benchmark. ZSML is passively managed by BMO. It tracks the S&P SmallCap 600 Index - USD benchmark.
What sectors do XCS and ZSML emphasize?
XCS is most exposed to Non-Energy Materials, Energy, and Finance. ZSML is most exposed to Finance, Technology, and Industrials.
Which ETF is attracting more investor flows: XCS or ZSML?
Year to date, XCS has seen -$8.93 M in net flows, compared with +$84.47 M for ZSML. ZSML has attracted more net investor money so far.
How do the fees of XCS and ZSML compare?
XCS has an expense ratio of 0.60%, while ZSML has an expense ratio of 0.22%.
What are the top holdings of XCS and ZSML?
XCS's largest holdings include Ero Copper Corp., Wesdome Gold Mines Ltd., and Athabasca Oil Corp.. ZSML's top holdings include FormFactor, Inc., Qorvo, Inc., and ViaSat, Inc..
Which ETF is more diversified: XCS or ZSML?
XCS holds 232 securities, while ZSML holds 600. On holdings count, ZSML is the more diversified portfolio.
Recent articles about XCS and ZSML
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