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 Materials, Energy, and Real Estate, while ZSML leans towards Financials, Industrials, and Information Technology. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.2% for ZSML. Performance-wise, XCS has returned 17.85% year-to-date with +$1 M in net flows, whereas ZSML is at 13.01% with +$10 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 | $259.62 M | $118.53 M |
| Management Fees | 0.55% | 0.20% |
| Exp. ratio | 0.60% | 0.22% |
| Tracking Difference | -0.96% | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | +8.94% | +2.64% | +17.85% | +77.32% | +109.05% |
ZSML | +9.40% | +6.19% | +13.01% | +35.89% | +50.34% | |
| Flows | XCS | -$2 M | -$53 M | +$1 M | +$7 M | +$9 M |
ZSML | +$0 M | +$7 M | +$10 M | -$153 M | +$1 M |
XCS vs ZSML exposure
Countries
XCS
Canada
99.22%
ZSML
USA
96.80%
Sectors
XCS
Materials
23.32%
Energy
22.51%
Other
14.43%
Real Estate
9.22%
Industrials
8.90%
Other
21.62%
ZSML
Financials
16.14%
Industrials
16.11%
Information Technology
13.17%
Consumer Discretionary
13.09%
Health Care
9.88%
Other
7.27%
Other
24.34%
As of April 24, 2026
Top 10 Holdings
XCS
TAMARACK VALLEY ENERGY
1.89%
METHANEX
1.87%
ATHABASCA OIL
1.83%
SPROTT
1.44%
CA3499421020
1.43%
DENISON MINES
1.40%
CA01921D2041
1.40%
BAYTEX ENERGY
1.38%
KINAXIS
1.32%
CA8139211038
1.32%
ZSML
EASTMAN CHEMICAL
0.55%
ELEMENT SOLUTIONS INC
0.49%
LKQ
0.49%
VIAVI SOLUTIONS INC
0.49%
SM ENERGY
0.49%
JACKSON FINANCIAL INC
0.49%
PRIMORIS SERVICES
0.48%
ARGAN
0.48%
MATCH GROUP
0.48%
FORMFACTOR
0.48%
Diversification
XCS
Total weight of top 10 holdings out of 233 total
15.28%
ZSML
Total weight of top 10 holdings out of 603 total
4.92%
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 | 1.08% | 1.06% |
| 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 April 24, 2026, XCS has returned 17.85% year to date, while ZSML has returned 13.01%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZSML?
As of April 24, 2026, XCS manages $259.62 M in assets, while ZSML manages $118.53 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 Materials, Energy, and Real Estate. ZSML is most exposed to Financials, Industrials, and Information Technology.
Which ETF is attracting more investor flows: XCS or ZSML?
Year to date, XCS has seen +$1.42 M in net flows, compared with +$9.56 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 TAMARACK VALLEY ENERGY and METHANEX. ZSML's top holdings include EASTMAN CHEMICAL and ELEMENT SOLUTIONS INC.
Which ETF is more diversified: XCS or ZSML?
XCS holds 198 securities, while ZSML holds 559. On holdings count, ZSML is the more diversified portfolio.
Recent articles about XCS and ZSML
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.