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 Financials, while ZWB leans towards Financials. When evaluating costs, XFN features a management fee (MER) of 0.55%, compared to 0.65% for ZWB. Performance-wise, XFN has returned 8.14% year-to-date with +$10 M in net flows, whereas ZWB is at 12.01% with +$12 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 | $2,139.02 M | $4,186.18 M |
| Management Fees | 0.55% | 0.65% |
| Exp. ratio | 0.61% | 0.72% |
| Tracking Difference | -1.01% | - |
Historical performance and flows
As of May 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFN | +9.56% | +8.00% | +8.14% | +44.91% | +103.16% |
ZWB | +9.05% | +10.67% | +12.01% | +53.39% | +86.03% | |
| Flows | XFN | +$4 M | -$29 M | +$10 M | -$242 M | -$368 M |
ZWB | -$11 M | -$7 M | +$12 M | -$46 M | -$159 M |
XFN vs ZWB exposure
Countries
XFN
Canada
99.85%
ZWB
Canada
100.12%
Sectors
XFN
Financials
89.74%
Other
10.27%
ZWB
Financials
100.12%
As of May 1, 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%
ZWB
TORONTO DOMINION
16.89%
ROYAL BK CANADA
16.86%
BNS
16.70%
BANK OF MONTREAL
16.61%
NATIONAL BANK OF CANADA
16.60%
CDN IMPERIAL BK
16.45%
Diversification
XFN
Total weight of top 10 holdings out of 24 total
87.67%
ZWB
Total weight of top 10 holdings out of 6 total
100.12%
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 | 2.25% | 5.04% |
| 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 May 1, 2026, XFN has returned 8.14% year to date, while ZWB has returned 12.01%. ZWB is ahead on YTD performance.
Which ETF is larger by assets under management: XFN or ZWB?
As of May 1, 2026, XFN manages $2.14 B in assets, while ZWB manages $4.19 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 Financials. ZWB is most exposed to Financials.
Which ETF is attracting more investor flows: XFN or ZWB?
Year to date, XFN has seen +$10.45 M in net flows, compared with +$11.86 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 BK CANADA and TORONTO DOMINION. ZWB's top holdings include TORONTO DOMINION, ROYAL BK CANADA, and BNS.
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
Bank Stocks: An Undervalued Gem?
Bank stocks are poised for growth amid declining inflation and rate cuts.
Posted on 7/29/2024 by ETF Market Canada inBanks
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.