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BMO US Dividend ETF (ZDY) and Manulife Smart U.S. Defensive Equity ETF (UDEF.U) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZDY focuses its top 3 sector exposures on Technology, Finance, and Healthcare, while UDEF.U leans towards Technology, Finance, and Healthcare. When evaluating costs, ZDY features a management fee (MER) of 0.3%, compared to 0.28% for UDEF.U. Performance-wise, ZDY has returned 19.69% year-to-date with +$67 M in net flows, whereas UDEF.U is at 13.3% 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
ZDY
UDEF.U
| AuM | $891.37 M | $2.57 M |
| Management Fees | 0.30% | 0.28% |
| Exp. ratio | 0.33% | 0.32% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZDY | +1.07% | +2.33% | +19.69% | +19.78% | +78.53% |
UDEF.U | +2.78% | +2.09% | +13.30% | +15.32% | +51.58% | |
| Flows | ZDY | -$15 M | -$12 M | +$67 M | +$67 M | +$163 M |
UDEF.U | +$0 M | +$0 M | -$0 M | +$0 M | -$0 M |
ZDY vs UDEF.U exposure
Countries
ZDY
USA
97.90%
UDEF.U
USA
94.35%
Sectors
ZDY
Technology
34.98%
Finance
15.17%
Healthcare
12.05%
Consumer Non-Cyclicals
9.93%
Energy
7.74%
Other
20.13%
UDEF.U
Technology
35.11%
Finance
17.01%
Healthcare
13.59%
Industrials
9.90%
Other
24.39%
As of October 30, 2026
Top 10 Holdings
ZDY
Dell Technologies, Inc.
4.91%
Apple, Inc.
4.81%
AbbVie, Inc.
3.71%
Cisco Systems, Inc.
3.54%
NVIDIA Corp.
3.09%
Philip Morris International, Inc.
3.02%
Broadcom Inc.
2.78%
QUALCOMM, Inc.
2.78%
Chevron Corp.
2.41%
Microsoft Corp.
2.35%
UDEF.U
Fortinet, Inc.
2.21%
Apple, Inc.
2.19%
NVIDIA Corp.
2.13%
Lam Research Corp.
2.07%
Johnson & Johnson
2.07%
Microsoft Corp.
2.06%
Merck & Co., Inc.
2.03%
Amphenol Corp.
2.03%
Applied Materials, Inc.
1.97%
Mastercard, Inc.
1.94%
Diversification
ZDY
Total weight of top 10 holdings out of 96 total
33.40%
UDEF.U
Total weight of top 10 holdings out of 170 total
20.69%
Characteristics
Compare
ZDY
UDEF.U
| Provider | BMO | Manulife Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.51% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | March 27, 2013 | November 9, 2022 |
Frequently asked questions about ZDY and UDEF.U
Which ETF has performed better year to date: ZDY or UDEF.U?
As of October 30, 2026, ZDY has returned 19.69% year to date, while UDEF.U has returned 13.30%. ZDY is ahead on YTD performance.
Which ETF is larger by assets under management: ZDY or UDEF.U?
As of October 30, 2026, ZDY manages $891.37 M in assets, while UDEF.U manages $2.57 M. ZDY is the larger fund by AUM.
How are ZDY and UDEF.U managed?
ZDY is actively managed by BMO. It does not track an index. UDEF.U is actively managed by Manulife Investments. It does not track an index.
What sectors do ZDY and UDEF.U emphasize?
ZDY 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: ZDY or UDEF.U?
Year to date, ZDY has seen +$67.14 M in net flows, compared with -$0.00 M for UDEF.U. ZDY has attracted more net investor money so far.
How do the fees of ZDY and UDEF.U compare?
ZDY has an expense ratio of 0.33%, while UDEF.U has an expense ratio of 0.32%.
What are the top holdings of ZDY and UDEF.U?
ZDY's largest holdings include Dell Technologies, Inc., Apple, Inc., and AbbVie, Inc.. UDEF.U's top holdings include Fortinet, Inc., Apple, Inc., and NVIDIA Corp..
Which ETF is more diversified: ZDY or UDEF.U?
ZDY holds 96 securities, while UDEF.U holds 170. On holdings count, UDEF.U is the more diversified portfolio.
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