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Compare BMO MSCI EAFE Index ETF (ZEA) vs iShares Core MSCI EAFE IMI Index ETF (XEF) to find the best fit for your portfolio. ZEA and XEF provide the same top sector exposures: Finance, Industrials, and Technology. When evaluating costs, ZEA features a management fee (MER) of 0.2%, compared to 0.2% for XEF. Performance-wise, ZEA has returned 12.78% year-to-date with +$877 M in net flows, whereas XEF is at 12.89% with +$5 B. 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
ZEA
XEF
| AuM | $13,474.41 M | $23,577.39 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.22% |
| Tracking Difference | -0.84% | -0.14% |
Historical performance and flows
As of September 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEA | -2.57% | +0.34% | +12.78% | +17.11% | +65.30% |
XEF | -2.67% | +0.13% | +12.89% | +16.93% | +65.84% | |
| Flows | ZEA | +$107 M | +$810 M | +$877 M | +$995 M | +$2,750 M |
XEF | +$574 M | +$1,772 M | +$5,110 M | +$6,869 M | +$11,876 M |
ZEA vs XEF exposure
Countries
ZEA
Japan
24.83%
United Kingdom
13.79%
Switzerland
9.29%
France
8.17%
Germany
8.11%
Australia
7.07%
Other
28.75%
XEF
Japan
24.79%
United Kingdom
13.81%
Switzerland
9.26%
France
8.14%
Germany
8.12%
Australia
7.05%
Other
28.83%
Sectors
ZEA
Finance
27.47%
Industrials
16.39%
Technology
11.86%
Healthcare
9.39%
Consumer Non-Cyclicals
8.10%
Non-Energy Materials
7.46%
Other
19.34%
XEF
Finance
27.43%
Industrials
16.38%
Technology
11.80%
Healthcare
9.36%
Consumer Non-Cyclicals
8.07%
Non-Energy Materials
7.48%
Other
19.48%
As of September 15, 2026
Top 10 Holdings
ZEA
ASML Holding NV
2.51%
HSBC Holdings Plc
1.42%
Roche Holding AG
1.20%
Novartis AG
1.12%
Nestlé SA
1.03%
AstraZeneca PLC
1.01%
Shell Plc
0.98%
Siemens AG
0.94%
Mitsubishi UFJ Financial Group, Inc.
0.92%
BHP Group Ltd.
0.82%
XEF
ASML Holding NV
2.51%
HSBC Holdings Plc
1.43%
Roche Holding AG
1.20%
Novartis AG
1.12%
Nestlé SA
1.02%
AstraZeneca PLC
1.01%
Shell Plc
0.98%
Siemens AG
0.94%
Mitsubishi UFJ Financial Group, Inc.
0.92%
BHP Group Ltd.
0.82%
Diversification
ZEA
Total weight of top 10 holdings out of 2,608 total
11.96%
XEF
Total weight of top 10 holdings out of 2,648 total
11.94%
Characteristics
Compare
ZEA
XEF
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI EAFE Net Total Return Index - CAD | MSCI EAFE IMI Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.92% | 2.35% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2014 | April 10, 2013 |
Frequently asked questions about ZEA and XEF
Which ETF has performed better year to date: ZEA or XEF?
As of September 15, 2026, ZEA has returned 12.78% year to date, while XEF has returned 12.89%. XEF is ahead on YTD performance.
Which ETF is larger by assets under management: ZEA or XEF?
As of September 15, 2026, ZEA manages $13.47 B in assets, while XEF manages $23.58 B. XEF is the larger fund by AUM.
How are ZEA and XEF managed?
ZEA is passively managed by BMO. It tracks the MSCI EAFE Net Total Return Index - CAD benchmark. XEF is passively managed by iShares. It tracks the MSCI EAFE IMI Net Total Return Index - CAD benchmark.
What sectors do ZEA and XEF emphasize?
ZEA is most exposed to Finance, Industrials, and Technology. XEF is most exposed to Finance, Industrials, and Technology.
Which ETF is attracting more investor flows: ZEA or XEF?
Year to date, ZEA has seen +$876.97 M in net flows, compared with +$5,109.84 M for XEF. XEF has attracted more net investor money so far.
How do the fees of ZEA and XEF compare?
ZEA has an expense ratio of 0.22%, while XEF has an expense ratio of 0.22%.
What are the top holdings of ZEA and XEF?
ZEA's largest holdings include ASML Holding NV, HSBC Holdings Plc, and Roche Holding AG. XEF's top holdings include ASML Holding NV, HSBC Holdings Plc, and Roche Holding AG.
Which ETF is more diversified: ZEA or XEF?
ZEA holds 2596 securities, while XEF holds 2636. On holdings count, XEF is the more diversified portfolio.
Recent articles about ZEA and XEF
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