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Compare BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) vs iShares J.P. Morgan USD Emerging Markets Bond Index ETF (XEB) to find the best fit for your portfolio. ZEF provides Sovereign and Municipal exposures, while XEB is primarily weighted in Sovereign, Energy, and Finance. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.52% for XEB. Performance-wise, ZEF has returned 1.01% year-to-date with +$74 M in net flows, whereas XEB is at 1.39% with +$1 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
ZEF
XEB
| AuM | $772.86 M | $29.57 M |
| Management Fees | 0.50% | 0.52% |
| Exp. ratio | 0.55% | 0.53% |
| Tracking Difference | 0.04% | -1.59% |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEF | -0.96% | -1.01% | -1.01% | +0.75% | +17.28% |
XEB | -1.35% | -2.37% | -1.39% | +0.21% | +20.61% | |
| Flows | ZEF | -$16 M | -$16 M | +$74 M | +$132 M | +$181 M |
XEB | -$1 M | -$2 M | +$1 M | +$3 M | -$81 M |
ZEF vs XEB exposure
Countries
ZEF
Republic of Korea
9.82%
China
9.82%
Mexico
9.75%
Brazil
9.73%
Indonesia
9.16%
Saudi Arabia
8.41%
Other
43.32%
XEB
Other
100.00%
Sectors
ZEF
Sovereign
94.92%
XEB
Sovereign
85.37%
Other
14.63%
As of September 11, 2026
Top 10 Holdings
ZEF
China, 1.2% 21oct2030, USD
3.31%
Republic of Korea, 2.5% 19jun2029, USD
3.29%
Mexico, 5.5% 17aug2030, USD
3.27%
Republic of Korea, 3.875% 12feb2031, USD
3.27%
China, 3.625% 13nov2028, USD
3.27%
Brazil, 5.5% 6nov2030, USD
3.27%
Republic of Korea, 3.625% 12feb2029, USD
3.26%
Mexico, 5.375% 22mar2033, USD
3.25%
China, 3.75% 13nov2030, USD
3.24%
Brazil, 3.875% 12jun2030, USD
3.23%
XEB
BlackRock Cash Funds - Treasury
1.35%
Argentina, 4.125% 9jul2035, USD
1.19%
Ecuador, 6.9% 31jul2035, USD
0.80%
Argentina, 5% 9jan2038, USD
0.69%
Argentina, 0.75% 9jul2030, USD
0.64%
Argentina, 3.5% 9jul2041, USD
0.57%
Ghana, 5% 3jul2035, USD
0.54%
Uruguay, 5.1% 18jun2050, USD
0.51%
Mexico, 5.5% 17aug2030, USD
0.51%
Ukraine, 4% 1feb2032, USD
0.42%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
32.66%
XEB
Total weight of top 10 holdings out of 614 total
7.23%
Characteristics
Compare
ZEF
XEB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD | J.P. Morgan EMBI Global Core - Hedged in CAD Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.24% | 5.07% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | April 12, 2011 |
Frequently asked questions about ZEF and XEB
Which ETF has performed better year to date: ZEF or XEB?
As of September 11, 2026, ZEF has returned -1.01% year to date, while XEB has returned -1.39%. ZEF is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or XEB?
As of September 11, 2026, ZEF manages $772.86 M in assets, while XEB manages $29.57 M. ZEF is the larger fund by AUM.
How are ZEF and XEB managed?
ZEF is passively managed by BMO. It tracks the Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD benchmark. XEB is passively managed by iShares. It tracks the J.P. Morgan EMBI Global Core - Hedged in CAD Total Return Index - CAD benchmark.
What sectors do ZEF and XEB emphasize?
ZEF is most exposed to Sovereign and Municipal. XEB is most exposed to Sovereign, Energy, and Finance.
Which ETF is attracting more investor flows: ZEF or XEB?
Year to date, ZEF has seen +$74.04 M in net flows, compared with +$1.38 M for XEB. ZEF has attracted more net investor money so far.
How do the fees of ZEF and XEB compare?
ZEF has an expense ratio of 0.55%, while XEB has an expense ratio of 0.53%.
What are the top holdings of ZEF and XEB?
ZEF's largest holdings include China, 1.2% 21oct2030, USD, Republic of Korea, 2.5% 19jun2029, USD, and Mexico, 5.5% 17aug2030, USD. XEB's top holdings include BlackRock Cash Funds - Treasury, Argentina, 4.125% 9jul2035, USD, and Ecuador, 6.9% 31jul2035, USD.
Which ETF is more diversified: ZEF or XEB?
ZEF holds 59 securities, while XEB holds 612. On holdings count, XEB is the more diversified portfolio.
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