VS
iShares MSCI USA Minimum Volatility Index ETF (XMU.U) and Manulife Smart U.S. Defensive Equity ETF (UDEF.B) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XMU.U focuses its top 3 sector exposures on Technology, Finance, and Healthcare, while UDEF.B leans towards Technology, Finance, and Healthcare. When evaluating costs, XMU.U features a management fee (MER) of 0.3%, compared to 0.28% for UDEF.B. Performance-wise, XMU.U has returned 5.34% year-to-date with +$0 M in net flows, whereas UDEF.B is at 13.41% 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.U
UDEF.B
| AuM | $4.98 M | $3.42 M |
| Management Fees | 0.30% | 0.28% |
| Exp. ratio | 0.33% | 0.32% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMU.U | -1.74% | +4.66% | +5.34% | +6.25% | +36.06% |
UDEF.B | -1.85% | +0.99% | +13.41% | +15.98% | +51.45% | |
| Flows | XMU.U | +$0 M | +$0 M | +$0 M | -$2 M | -$3 M |
UDEF.B | -$0 M | -$0 M | -$0 M | -$0 M | -$0 M |
XMU.U vs UDEF.B exposure
Countries
XMU.U
USA
93.25%
UDEF.B
USA
94.86%
Sectors
XMU.U
Technology
29.58%
Finance
14.51%
Healthcare
13.49%
Consumer Non-Cyclicals
11.04%
Other
31.38%
UDEF.B
Technology
31.86%
Finance
18.33%
Healthcare
12.96%
Industrials
10.49%
Consumer Non-Cyclicals
7.10%
Other
19.25%
As of September 17, 2026
Top 10 Holdings
XMU.U
Microsoft Corp.
1.58%
Welltower, Inc.
1.58%
Amphenol Corp.
1.57%
Chubb Ltd.
1.54%
Johnson & Johnson
1.54%
Vertex Pharmaceuticals, Inc.
1.47%
Berkshire Hathaway, Inc.
1.47%
Duke Energy Corp.
1.46%
The Southern Co.
1.44%
Cisco Systems, Inc.
1.43%
UDEF.B
Fortinet, Inc.
2.49%
Cisco Systems, Inc.
2.21%
JPMorgan Chase & Co.
2.19%
Amphenol Corp.
2.17%
Applied Materials, Inc.
2.11%
Microsoft Corp.
2.11%
Visa, Inc.
2.04%
Bank of America Corp.
2.03%
Johnson & Johnson
2.01%
Apple, Inc.
1.97%
Diversification
XMU.U
Total weight of top 10 holdings out of 165 total
15.08%
UDEF.B
Total weight of top 10 holdings out of 173 total
21.35%
Characteristics
Compare
XMU.U
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 | 1.13% | 0.67% |
| Meets ESG criteria | No | No |
| Inception Date | October 22, 2019 | November 10, 2022 |
Frequently asked questions about XMU.U and UDEF.B
Which ETF has performed better year to date: XMU.U or UDEF.B?
As of September 17, 2026, XMU.U has returned 5.34% year to date, while UDEF.B has returned 13.41%. UDEF.B is ahead on YTD performance.
Which ETF is larger by assets under management: XMU.U or UDEF.B?
As of September 17, 2026, XMU.U manages $4.98 M in assets, while UDEF.B manages $3.42 M. XMU.U is the larger fund by AUM.
How are XMU.U and UDEF.B managed?
XMU.U 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.U and UDEF.B emphasize?
XMU.U is most exposed to Technology, Finance, and Healthcare. UDEF.B is most exposed to Technology, Finance, and Healthcare.
Which ETF is attracting more investor flows: XMU.U or UDEF.B?
Year to date, XMU.U has seen +$0.00 M in net flows, compared with -$0.00 M for UDEF.B. XMU.U has attracted more net investor money so far.
How do the fees of XMU.U and UDEF.B compare?
XMU.U has an expense ratio of 0.33%, while UDEF.B has an expense ratio of 0.32%.
What are the top holdings of XMU.U and UDEF.B?
XMU.U's largest holdings include Microsoft Corp., Welltower, Inc., and Amphenol Corp.. UDEF.B's top holdings include Fortinet, Inc., Cisco Systems, Inc., and JPMorgan Chase & Co..
Which ETF is more diversified: XMU.U or UDEF.B?
XMU.U holds 165 securities, while UDEF.B holds 173. On holdings count, UDEF.B is the more diversified portfolio.
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.