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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: Finance. When evaluating costs, XFN features a management fee (MER) of 0.55%, compared to 0.25% for ZEB. Performance-wise, XFN has returned 24.51% year-to-date with -$123 M in net flows, whereas ZEB is at 33.21% with -$11 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 | $2,309.47 M | $7,071.90 M |
| Management Fees | 0.55% | 0.25% |
| Exp. ratio | 0.61% | 0.28% |
| Tracking Difference | -1.03% | -0.65% |
Historical performance and flows
As of July 27, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFN | +2.24% | +16.37% | +24.51% | +48.04% | +129.03% |
ZEB | +1.63% | +17.81% | +33.21% | +67.36% | +149.70% | |
| Flows | XFN | -$48 M | -$84 M | -$123 M | -$93 M | -$328 M |
ZEB | +$582 M | +$906 M | -$11 M | +$282 M | -$720 M |
XFN vs ZEB exposure
Countries
XFN
Canada
98.54%
ZEB
Canada
100.00%
Sectors
XFN
Finance
99.87%
ZEB
Finance
100.00%
As of July 27, 2026
Top 10 Holdings
XFN
Royal Bank of Canada
22.74%
The Toronto-Dominion Bank
15.97%
Bank of Montreal
9.73%
The Bank of Nova Scotia
8.39%
Canadian Imperial Bank of Commerce
8.33%
Brookfield Corp.
7.16%
Manulife Financial Corp.
5.32%
National Bank of Canada
4.78%
Sun Life Financial, Inc.
3.42%
Intact Financial Corp.
2.87%
ZEB
The Toronto-Dominion Bank
17.42%
Royal Bank of Canada
17.32%
Bank of Montreal
17.15%
The Bank of Nova Scotia
16.61%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.70%
Diversification
XFN
Total weight of top 10 holdings out of 23 total
88.71%
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 | 1.96% | 2.28% |
| 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 July 27, 2026, XFN has returned 24.51% year to date, while ZEB has returned 33.21%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: XFN or ZEB?
As of July 27, 2026, XFN manages $2.31 B in assets, while ZEB manages $7.07 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 Finance. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: XFN or ZEB?
Year to date, XFN has seen -$123.47 M in net flows, compared with -$11.29 M for ZEB. ZEB 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 Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal. ZEB's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
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.
Recent articles about XFN and ZEB
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