BMO Balanced ETF (ZBAL) and BMO Equal Weight Banks Index ETF (ZEB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZBAL focuses its top 3 sector exposures on Technology, Finance, and Sovereign, while ZEB leans towards Finance. When evaluating costs, ZBAL features a management fee (MER) of 0.18%, compared to 0.25% for ZEB. Performance-wise, ZBAL has returned 7.63% year-to-date with +$161 M in net flows, whereas ZEB is at 32.65% with +$209 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
ZBAL
ZEB
| AuM | $636.43 M | $7,263.42 M |
| Management Fees | 0.18% | 0.25% |
| Exp. ratio | 0.20% | 0.28% |
| Tracking Difference | - | -0.65% |
Historical performance and flows
As of July 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZBAL | -0.67% | +3.19% | +7.63% | +16.20% | +47.71% |
ZEB | +1.98% | +16.51% | +32.65% | +67.24% | +148.29% | |
| Flows | ZBAL | +$26 M | +$85 M | +$161 M | +$213 M | +$383 M |
ZEB | +$972 M | +$1,234 M | +$209 M | +$894 M | -$431 M |
ZBAL vs ZEB exposure
Countries
ZBAL
Canada
42.46%
USA
35.99%
Other
21.55%
ZEB
Canada
100.00%
Sectors
ZBAL
Technology
17.29%
Finance
14.18%
Sovereign
13.31%
Municipal
8.89%
Other
46.33%
ZEB
Finance
100.00%
As of July 20, 2026
Top 10 Holdings
ZBAL
Canada, Bond 0.5 1oct2030 10Y
5.12%
NVIDIA Corp.
2.02%
CMHC, 1.9% 15mar2031, CAD (100)
1.92%
Apple, Inc.
1.77%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
1.52%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
1.47%
Canada, Bonds 2.25% 1dec2029, CAD
1.44%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
1.41%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
1.39%
Royal Bank of Canada
1.22%
ZEB
The Toronto-Dominion Bank
17.42%
Royal Bank of Canada
17.32%
Bank of Montreal
17.15%
The Bank of Nova Scotia
16.61%
Canadian Imperial Bank of Commerce
15.79%
National Bank of Canada
15.70%
Diversification
ZBAL
Total weight of top 10 holdings out of 19,849 total
19.28%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
ZBAL
ZEB
| Provider | BMO | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity, Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.66% | 2.29% |
| Meets ESG criteria | No | No |
| Inception Date | February 15, 2019 | October 20, 2009 |
Frequently asked questions about ZBAL and ZEB
Which ETF has performed better year to date: ZBAL or ZEB?
As of July 20, 2026, ZBAL has returned 7.63% year to date, while ZEB has returned 32.65%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: ZBAL or ZEB?
As of July 20, 2026, ZBAL manages $636.43 M in assets, while ZEB manages $7.26 B. ZEB is the larger fund by AUM.
How are ZBAL and ZEB managed?
ZBAL is actively managed by BMO. It does not track an index. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZBAL and ZEB emphasize?
ZBAL is most exposed to Technology, Finance, and Sovereign. ZEB is most exposed to Finance.
Which ETF is attracting more investor flows: ZBAL or ZEB?
Year to date, ZBAL has seen +$160.56 M in net flows, compared with +$209.29 M for ZEB. ZEB has attracted more net investor money so far.
How do the fees of ZBAL and ZEB compare?
ZBAL has an expense ratio of 0.20%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of ZBAL and ZEB?
ZBAL's largest holdings include Canada, Bond 0.5 1oct2030 10Y and NVIDIA Corp.. ZEB's top holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal.
Which ETF is more diversified: ZBAL or ZEB?
ZBAL holds 10678 securities, while ZEB holds 6. On holdings count, ZBAL is the more diversified portfolio.
Recent articles about ZBAL and ZEB
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.