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 14.76% year-to-date with -$13 M in net flows, whereas ZSML is at 23.92% with +$74 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 | $237.21 M | $194.47 M |
| Management Fees | 0.55% | 0.20% |
| Exp. ratio | 0.60% | 0.22% |
| Tracking Difference | -0.97% | - |
Historical performance and flows
As of July 31, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -2.59% | -3.34% | +14.76% | +50.23% | +100.69% |
ZSML | -1.88% | +9.36% | +23.92% | +34.65% | +52.53% | |
| Flows | XCS | -$11 M | -$21 M | -$13 M | +$18 M | -$5 M |
ZSML | +$65 M | +$67 M | +$74 M | +$74 M | +$62 M |
XCS vs ZSML exposure
Countries
XCS
Canada
92.22%
Other
7.78%
ZSML
USA
97.83%
Sectors
XCS
Non-Energy Materials
29.26%
Energy
18.69%
Finance
16.41%
Industrials
12.23%
Other
23.40%
ZSML
Finance
25.84%
Technology
13.31%
Industrials
12.63%
Healthcare
12.33%
Consumer Cyclicals
7.98%
Other
27.92%
As of July 31, 2026
Top 10 Holdings
XCS
BlackBerry Ltd.
3.15%
Tamarack Valley Energy Ltd.
1.95%
Athabasca Oil Corp.
1.61%
Almonty Industries, Inc.
1.50%
Methanex Corp.
1.42%
Enerflex Ltd.
1.39%
Kinaxis, Inc.
1.36%
Secure Waste Infrastructure Corp.
1.29%
Ero Copper Corp.
1.29%
5N Plus, Inc.
1.28%
ZSML
Molina Healthcare, Inc.
0.65%
FormFactor, Inc.
0.61%
Argan, Inc.
0.61%
BrightSpring Health Services, Inc.
0.59%
Element Solutions, Inc.
0.58%
ViaSat, Inc.
0.56%
Krystal Biotech, Inc.
0.54%
MaxLinear, Inc.
0.49%
ESCO Technologies, Inc.
0.49%
Match Group, Inc.
0.49%
Diversification
XCS
Total weight of top 10 holdings out of 230 total
16.23%
ZSML
Total weight of top 10 holdings out of 602 total
5.61%
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 | 1.32% | 0.98% |
| 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 July 31, 2026, XCS has returned 14.76% year to date, while ZSML has returned 23.92%. ZSML is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZSML?
As of July 31, 2026, XCS manages $237.21 M in assets, while ZSML manages $194.47 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 -$12.67 M in net flows, compared with +$74.22 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 BlackBerry Ltd. and Tamarack Valley Energy Ltd.. ZSML's top holdings include Molina Healthcare, Inc., FormFactor, Inc., and Argan, Inc..
Which ETF is more diversified: XCS or ZSML?
XCS holds 226 securities, while ZSML holds 600. On holdings count, ZSML is the more diversified portfolio.
Recent articles about XCS and ZSML
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