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iShares MSCI USA Minimum Volatility Index ETF (XMU) and Manulife Smart U.S. Defensive Equity ETF (UDEF.B) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XMU focuses its top 3 sector exposures on Information Technology, Health Care, and Financials, while UDEF.B leans towards Information Technology, Health Care, and Financials. When evaluating costs, XMU features a management fee (MER) of 0.3%, compared to 0.28% for UDEF.B. Performance-wise, XMU has returned 4.04% year-to-date with -$59 M in net flows, whereas UDEF.B is at 11.11% with -$0 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
XMU
UDEF.B
| AuM | $330.27 M | $3.37 M |
| Management Fees | 0.30% | 0.28% |
| Exp. ratio | 0.33% | 0.32% |
| Tracking Difference | -0.08% | - |
Historical performance and flows
As of June 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMU | +4.19% | +3.56% | +4.04% | +6.62% | +41.91% |
UDEF.B | +5.88% | +9.88% | +11.11% | +17.43% | +52.62% | |
| Flows | XMU | -$33 M | -$50 M | -$59 M | -$47 M | -$118 M |
UDEF.B | -$0 M | +$0 M | -$0 M | +$0 M | -$0 M |
XMU vs UDEF.B exposure
Countries
XMU
USA
93.64%
UDEF.B
USA
92.12%
Other
7.88%
Sectors
XMU
Information Technology
30.32%
Health Care
12.68%
Financials
11.63%
Consumer Staples
9.95%
Utilities
7.61%
Other
27.80%
UDEF.B
Information Technology
31.89%
Health Care
12.13%
Financials
11.61%
Industrials
11.55%
Communication Services
7.27%
Other
25.54%
As of June 11, 2026
Top 10 Holdings
XMU
CISCO-T
1.80%
NVIDIA
1.64%
EXXON
1.60%
MICROSOFT-T
1.56%
DUKE ENERGY
1.55%
SOUTHERN
1.53%
AMPHENOL
1.50%
CHUBB LTD
1.49%
VERIZON COMMUNICATIONS
1.49%
WASTE MANAGEMENT
1.47%
UDEF.B
APPLIED MATERIAL
2.21%
VERIZON COMMUNICATIONS
2.20%
JOHNSON&JOHNSON
2.13%
ANALOG DEVICES
2.02%
MICROSOFT-T
1.93%
APPLE
1.91%
VISA INCORPORATION
1.91%
MASTERCARD
1.91%
MCDONALD'S
1.90%
MERCK & CO INC
1.89%
Diversification
XMU
Total weight of top 10 holdings out of 170 total
15.64%
UDEF.B
Total weight of top 10 holdings out of 167 total
20.00%
Characteristics
Compare
XMU
UDEF.B
| Provider | iShares | Manulife Investments |
| Management | Passively managed | Actively managed |
| Benchmark | MSCI USA Minimum Volatility Net Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.12% | 0.60% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | November 10, 2022 |
Frequently asked questions about XMU and UDEF.B
Which ETF has performed better year to date: XMU or UDEF.B?
As of June 11, 2026, XMU has returned 4.04% year to date, while UDEF.B has returned 11.11%. UDEF.B is ahead on YTD performance.
Which ETF is larger by assets under management: XMU or UDEF.B?
As of June 11, 2026, XMU manages $330.27 M in assets, while UDEF.B manages $3.37 M. XMU is the larger fund by AUM.
How are XMU and UDEF.B managed?
XMU is passively managed by iShares. It tracks the MSCI USA Minimum Volatility Net Total Return Index - CAD benchmark. UDEF.B is actively managed by Manulife Investments. It does not track an index.
What sectors do XMU and UDEF.B emphasize?
XMU is most exposed to Information Technology, Health Care, and Financials. UDEF.B is most exposed to Information Technology, Health Care, and Financials.
Which ETF is attracting more investor flows: XMU or UDEF.B?
Year to date, XMU has seen -$59.33 M in net flows, compared with -$0.00 M for UDEF.B. UDEF.B has attracted more net investor money so far.
How do the fees of XMU and UDEF.B compare?
XMU has an expense ratio of 0.33%, while UDEF.B has an expense ratio of 0.32%.
What are the top holdings of XMU and UDEF.B?
XMU's largest holdings include CISCO-T and NVIDIA. UDEF.B's top holdings include APPLIED MATERIAL and VERIZON COMMUNICATIONS.
Which ETF is more diversified: XMU or UDEF.B?
XMU holds 165 securities, while UDEF.B holds 163. On holdings count, XMU is the more diversified portfolio.
Recent articles about XMU and UDEF.B
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