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Compare iShares S&P/TSX Capped Financials Index ETF (XFN) vs BMO Equal Weight Banks Index ETF (ZEB) to find the best fit for your portfolio. XFN and ZEB provide the same top sector exposures: Financials. When evaluating costs, XFN features a management fee (MER) of 0.55%, compared to 0.25% for ZEB. Performance-wise, XFN has returned 7.15% year-to-date with -$39 M in net flows, whereas ZEB is at 12.82% with -$917 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
XFN
ZEB
| AuM | $2,073.90 M | $5,266.41 M |
| Management Fees | 0.55% | 0.25% |
| Exp. ratio | 0.61% | 0.28% |
| Tracking Difference | -0.91% | -0.60% |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFN | +10.59% | +7.28% | +7.15% | +46.48% | +101.52% |
ZEB | +11.34% | +12.03% | +12.82% | +67.83% | +114.74% | |
| Flows | XFN | -$106 M | -$55 M | -$39 M | -$292 M | -$414 M |
ZEB | -$186 M | -$913 M | -$917 M | -$2,240 M | -$1,205 M |
XFN vs ZEB exposure
Countries
XFN
Canada
99.85%
ZEB
Canada
100.00%
Sectors
XFN
Financials
89.74%
Other
10.27%
ZEB
Financials
100.00%
As of April 24, 2026
Top 10 Holdings
XFN
ROYAL BK CANADA
21.56%
TORONTO DOMINION
14.95%
BANK OF MONTREAL
9.13%
CA11271J1075
8.52%
CDN IMPERIAL BK
8.40%
BNS
8.16%
MANULIFE-S
5.51%
NATIONAL BANK OF CANADA
4.79%
FAIRFAX FINANCIAL HOLDINGS
3.35%
SUN LIFE FINL
3.31%
ZEB
ROYAL BK CANADA
17.14%
TORONTO DOMINION
17.02%
BNS
16.62%
BANK OF MONTREAL
16.48%
CDN IMPERIAL BK
16.40%
NATIONAL BANK OF CANADA
16.33%
Diversification
XFN
Total weight of top 10 holdings out of 24 total
87.67%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
XFN
ZEB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Capped Financials Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.27% | 2.66% |
| Meets ESG criteria | No | No |
| Inception Date | March 23, 2001 | October 20, 2009 |
Frequently asked questions about XFN and ZEB
Which ETF has performed better year to date: XFN or ZEB?
As of April 24, 2026, XFN has returned 7.15% year to date, while ZEB has returned 12.82%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XFN or ZEB?
As of April 24, 2026, XFN manages $2.07 B in assets, while ZEB manages $5.27 B. ZEB is the larger fund by AUM.
How are XFN and ZEB managed?
XFN is passively managed by iShares. It tracks the S&P/TSX Capped Financials Total Return Index - CAD benchmark. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XFN and ZEB emphasize?
XFN is most exposed to Financials. ZEB is most exposed to Financials.
Which ETF is attracting more investor flows: XFN or ZEB?
Year to date, XFN has seen -$39.37 M in net flows, compared with -$917.23 M for ZEB. XFN has attracted more net investor money so far.
How do the fees of XFN and ZEB compare?
XFN has an expense ratio of 0.61%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of XFN and ZEB?
XFN's largest holdings include ROYAL BK CANADA and TORONTO DOMINION. ZEB's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: XFN or ZEB?
XFN holds 23 securities, while ZEB holds 6. On holdings count, XFN is the more diversified portfolio.
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