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iShares MSCI USA Minimum Volatility Index ETF (XMU) and Manulife Smart U.S. Defensive Equity ETF (UDEF.U) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XMU focuses its top 3 sector exposures on Technology, Finance, and Healthcare, while UDEF.U leans towards Technology, Finance, and Healthcare. When evaluating costs, XMU features a management fee (MER) of 0.3%, compared to 0.28% for UDEF.U. Performance-wise, XMU has returned 12.47% year-to-date with -$46 M in net flows, whereas UDEF.U is at 12.51% 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.U
| AuM | $369.72 M | $2.59 M |
| Management Fees | 0.30% | 0.28% |
| Exp. ratio | 0.33% | 0.32% |
| Tracking Difference | -0.09% | - |
Historical performance and flows
As of October 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMU | +4.41% | +7.03% | +12.47% | +10.12% | +47.98% |
UDEF.U | +1.30% | +2.50% | +12.51% | +14.75% | +45.20% | |
| Flows | XMU | -$7 M | +$9 M | -$46 M | -$50 M | -$99 M |
UDEF.U | +$0 M | +$0 M | -$0 M | +$0 M | +$0 M |
XMU vs UDEF.U exposure
Countries
XMU
USA
93.27%
UDEF.U
USA
94.81%
Sectors
XMU
Technology
30.32%
Finance
14.90%
Healthcare
14.05%
Consumer Non-Cyclicals
10.69%
Other
30.04%
UDEF.U
Technology
33.51%
Finance
17.89%
Healthcare
13.42%
Industrials
10.30%
Other
24.89%
As of October 15, 2026
Top 10 Holdings
XMU
Microsoft Corp.
1.57%
Amphenol Corp.
1.52%
NVIDIA Corp.
1.52%
Motorola Solutions, Inc.
1.51%
Welltower, Inc.
1.50%
Johnson & Johnson
1.45%
Verizon Communications, Inc.
1.45%
Chubb Ltd.
1.45%
Merck & Co., Inc.
1.45%
Vertex Pharmaceuticals, Inc.
1.43%
UDEF.U
Fortinet, Inc.
2.07%
Apple, Inc.
2.04%
Mastercard, Inc.
2.03%
Johnson & Johnson
2.03%
Merck & Co., Inc.
2.02%
NVIDIA Corp.
2.02%
Microsoft Corp.
2.00%
JPMorgan Chase & Co.
1.98%
Bank of America Corp.
1.94%
Verizon Communications, Inc.
1.93%
Diversification
XMU
Total weight of top 10 holdings out of 173 total
14.85%
UDEF.U
Total weight of top 10 holdings out of 170 total
20.08%
Characteristics
Compare
XMU
UDEF.U
| 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 | 1.04% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | November 9, 2022 |
Frequently asked questions about XMU and UDEF.U
Which ETF has performed better year to date: XMU or UDEF.U?
As of October 15, 2026, XMU has returned 12.47% year to date, while UDEF.U has returned 12.51%. UDEF.U is ahead on YTD performance.
Which ETF is larger by assets under management: XMU or UDEF.U?
As of October 15, 2026, XMU manages $369.72 M in assets, while UDEF.U manages $2.59 M. XMU is the larger fund by AUM.
How are XMU and UDEF.U managed?
XMU is passively managed by iShares. It tracks the MSCI USA Minimum Volatility Net Total Return Index - CAD benchmark. UDEF.U is actively managed by Manulife Investments. It does not track an index.
What sectors do XMU and UDEF.U emphasize?
XMU is most exposed to Technology, Finance, and Healthcare. UDEF.U is most exposed to Technology, Finance, and Healthcare.
Which ETF is attracting more investor flows: XMU or UDEF.U?
Year to date, XMU has seen -$45.76 M in net flows, compared with -$0.00 M for UDEF.U. UDEF.U has attracted more net investor money so far.
How do the fees of XMU and UDEF.U compare?
XMU has an expense ratio of 0.33%, while UDEF.U has an expense ratio of 0.32%.
What are the top holdings of XMU and UDEF.U?
XMU's largest holdings include Microsoft Corp., Amphenol Corp., and NVIDIA Corp.. UDEF.U's top holdings include Fortinet, Inc., Apple, Inc., and Mastercard, Inc..
Which ETF is more diversified: XMU or UDEF.U?
XMU holds 173 securities, while UDEF.U holds 170. On holdings count, XMU is the more diversified portfolio.
Recent articles about XMU and UDEF.U
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