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, Industrials, and Technology. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.2% for ZSML. Performance-wise, XCS has returned 19.5% year-to-date with -$9 M in net flows, whereas ZSML is at 19.01% with +$77 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 | $250.65 M | $189.38 M |
| Management Fees | 0.55% | 0.20% |
| Exp. ratio | 0.60% | 0.22% |
| Tracking Difference | -0.93% | - |
Historical performance and flows
As of September 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -2.58% | -0.88% | +19.50% | +38.03% | +112.78% |
ZSML | -5.76% | -1.43% | +19.01% | +21.34% | +55.30% | |
| Flows | XCS | +$0 M | -$7 M | -$9 M | -$9 M | -$1 M |
ZSML | +$3 M | +$65 M | +$77 M | +$72 M | +$65 M |
XCS vs ZSML exposure
Countries
XCS
Canada
95.11%
ZSML
USA
97.81%
Sectors
XCS
Non-Energy Materials
30.88%
Energy
20.03%
Finance
16.41%
Industrials
12.20%
Other
20.47%
ZSML
Finance
26.74%
Industrials
12.76%
Technology
12.62%
Healthcare
10.85%
Consumer Cyclicals
8.11%
Other
28.93%
As of September 16, 2026
Top 10 Holdings
XCS
BlackBerry Ltd.
2.16%
Tamarack Valley Energy Ltd.
2.15%
Methanex Corp.
1.73%
Athabasca Oil Corp.
1.70%
Kinaxis, Inc.
1.50%
Secure Waste Infrastructure Corp.
1.46%
Dream Industrial Real Estate Investment Trust
1.37%
Wesdome Gold Mines Ltd.
1.34%
Ero Copper Corp.
1.33%
Aya Gold & Silver, Inc.
1.27%
ZSML
Corcept Therapeutics, Inc.
0.63%
ViaSat, Inc.
0.59%
Glaukos Corp.
0.55%
Match Group, Inc.
0.51%
Brinker International, Inc.
0.51%
Jackson Financial, Inc.
0.48%
Protagonist Therapeutics, Inc.
0.47%
Ryman Hospitality Properties, Inc.
0.47%
CarMax, Inc.
0.47%
Alkermes Plc
0.47%
Diversification
XCS
Total weight of top 10 holdings out of 227 total
16.01%
ZSML
Total weight of top 10 holdings out of 602 total
5.14%
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 | 1.27% | 1.02% |
| 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 September 16, 2026, XCS has returned 19.50% year to date, while ZSML has returned 19.01%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZSML?
As of September 16, 2026, XCS manages $250.65 M in assets, while ZSML manages $189.38 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, Industrials, and Technology.
Which ETF is attracting more investor flows: XCS or ZSML?
Year to date, XCS has seen -$8.93 M in net flows, compared with +$76.81 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., Tamarack Valley Energy Ltd., and Methanex Corp.. ZSML's top holdings include Corcept Therapeutics, Inc., ViaSat, Inc., and Glaukos Corp..
Which ETF is more diversified: XCS or ZSML?
XCS holds 227 securities, while ZSML holds 600. On holdings count, ZSML is the more diversified portfolio.
Recent articles about XCS and ZSML
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