VS
iShares S&P/TSX Capped Financials Index ETF (XFN) and BMO Covered Call Canadian Banks ETF (ZWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XFN focuses its top 3 sector exposures on Finance, while ZWB leans towards Finance. When evaluating costs, XFN features a management fee (MER) of 0.55%, compared to 0.65% for ZWB. Performance-wise, XFN has returned 21.73% year-to-date with -$113 M in net flows, whereas ZWB is at 27.16% with +$32 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
ZWB
| AuM | $2,260.13 M | $4,672.58 M |
| Management Fees | 0.55% | 0.65% |
| Exp. ratio | 0.61% | 0.72% |
| Tracking Difference | -0.92% | - |
Historical performance and flows
As of September 18, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFN | -2.05% | +0.81% | +21.73% | +35.59% | +127.38% |
ZWB | -2.02% | +1.95% | +27.16% | +43.38% | +115.59% | |
| Flows | XFN | +$0 M | -$28 M | -$113 M | -$121 M | -$332 M |
ZWB | -$21 M | +$21 M | +$32 M | +$37 M | -$248 M |
XFN vs ZWB exposure
Countries
XFN
Canada
98.34%
ZWB
Canada
100.03%
Sectors
XFN
Finance
99.74%
ZWB
Finance
100.03%
As of September 18, 2026
Top 10 Holdings
XFN
Royal Bank of Canada
22.66%
The Toronto-Dominion Bank
15.44%
Bank of Montreal
9.66%
Canadian Imperial Bank of Commerce
8.39%
The Bank of Nova Scotia
8.33%
Brookfield Corp.
6.93%
Manulife Financial Corp.
5.73%
National Bank of Canada
4.82%
Sun Life Financial, Inc.
3.54%
Intact Financial Corp.
2.71%
ZWB
Bank of Montreal
17.17%
Royal Bank of Canada
17.06%
The Toronto-Dominion Bank
16.82%
The Bank of Nova Scotia
16.57%
National Bank of Canada
16.29%
Canadian Imperial Bank of Commerce
16.13%
Diversification
XFN
Total weight of top 10 holdings out of 23 total
88.21%
ZWB
Total weight of top 10 holdings out of 6 total
100.03%
Characteristics
Compare
XFN
ZWB
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | S&P/TSX Capped Financials Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.98% | 5.18% |
| Meets ESG criteria | No | No |
| Inception Date | March 23, 2001 | January 28, 2011 |
Frequently asked questions about XFN and ZWB
Which ETF has performed better year to date: XFN or ZWB?
As of September 18, 2026, XFN has returned 21.73% year to date, while ZWB has returned 27.16%. ZWB is ahead on YTD performance.
Which ETF is larger by assets under management: XFN or ZWB?
As of September 18, 2026, XFN manages $2.26 B in assets, while ZWB manages $4.67 B. ZWB is the larger fund by AUM.
How are XFN and ZWB managed?
XFN is passively managed by iShares. It tracks the S&P/TSX Capped Financials Total Return Index - CAD benchmark. ZWB is actively managed by BMO. It does not track an index.
What sectors do XFN and ZWB emphasize?
XFN is most exposed to Finance. ZWB is most exposed to Finance.
Which ETF is attracting more investor flows: XFN or ZWB?
Year to date, XFN has seen -$113.36 M in net flows, compared with +$31.99 M for ZWB. ZWB has attracted more net investor money so far.
How do the fees of XFN and ZWB compare?
XFN has an expense ratio of 0.61%, while ZWB has an expense ratio of 0.72%.
What are the top holdings of XFN and ZWB?
XFN's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal. ZWB's top holdings include Bank of Montreal, Royal Bank of Canada, and The Toronto-Dominion Bank.
Which ETF is more diversified: XFN or ZWB?
XFN holds 23 securities, while ZWB holds 6. On holdings count, XFN is the more diversified portfolio.
Recent articles about XFN and ZWB
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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.