VS
BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) and BMO Equal Weight Banks Index ETF (ZEB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZEF focuses its top 3 sector exposures on Sovereign and Municipal, while ZEB leans towards Financials. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.25% for ZEB. Performance-wise, ZEF has returned 0.15% year-to-date with +$92 M in net flows, whereas ZEB is at 14.3% with -$1,013 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
ZEB
| AuM | $808.02 M | $5,224.43 M |
| Management Fees | 0.50% | 0.25% |
| Exp. ratio | 0.55% | 0.28% |
| Tracking Difference | -0.05% | -0.67% |
Historical performance and flows
As of April 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEF | +1.57% | -0.27% | -0.15% | +5.24% | +19.85% |
ZEB | +15.01% | +14.75% | +14.30% | +66.34% | +117.47% | |
| Flows | ZEF | -$1 M | +$20 M | +$92 M | +$176 M | +$131 M |
ZEB | -$257 M | -$1,029 M | -$1,013 M | -$1,932 M | -$1,438 M |
ZEF vs ZEB exposure
Countries
ZEF
Mexico
10.20%
Brazil
10.05%
China
9.96%
Indonesia
9.90%
Saudi Arabia
9.23%
Turkey
8.70%
Other
41.96%
ZEB
Canada
100.00%
Sectors
ZEF
Sovereign
99.14%
ZEB
Financials
100.00%
As of April 30, 2026
Top 10 Holdings
ZEF
Argentina, 1% 9jul2029, USD
4.17%
Mexico, 3.5% 12feb2034, USD
3.42%
Mexico, 4.5% 22apr2029, USD
3.40%
China, 1.2% 21oct2030, USD
3.39%
Mexico, 2.659% 24may2031, USD
3.39%
Brazil, 6.625% 15mar2035, USD
3.38%
Brazil, 3.875% 12jun2030, USD
3.35%
Indonesia, 3.85% 15oct2030, USD
3.34%
China, 2.125% 3dec2029, USD
3.32%
Brazil, 4.5% 30may2029, USD
3.31%
ZEB
ROYAL BK CANADA
17.14%
TORONTO DOMINION
17.02%
BNS
16.62%
BANK OF MONTREAL
16.48%
CDN IMPERIAL BK
16.40%
NATIONAL BANK OF CANADA
16.33%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
34.46%
ZEB
Total weight of top 10 holdings out of 6 total
100.00%
Characteristics
Compare
ZEF
ZEB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.26% | 2.64% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | October 20, 2009 |
Frequently asked questions about ZEF and ZEB
Which ETF has performed better year to date: ZEF or ZEB?
As of April 30, 2026, ZEF has returned -0.15% year to date, while ZEB has returned 14.30%. ZEB is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or ZEB?
As of April 30, 2026, ZEF manages $808.02 M in assets, while ZEB manages $5.22 B. ZEB is the larger fund by AUM.
How are ZEF and ZEB 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. ZEB is passively managed by BMO. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZEF and ZEB emphasize?
ZEF is most exposed to Sovereign and Municipal. ZEB is most exposed to Financials.
Which ETF is attracting more investor flows: ZEF or ZEB?
Year to date, ZEF has seen +$91.74 M in net flows, compared with -$1,012.88 M for ZEB. ZEF has attracted more net investor money so far.
How do the fees of ZEF and ZEB compare?
ZEF has an expense ratio of 0.55%, while ZEB has an expense ratio of 0.28%.
What are the top holdings of ZEF and ZEB?
ZEF's largest holdings include Argentina, 1% 9jul2029, USD, Mexico, 3.5% 12feb2034, USD, and Mexico, 4.5% 22apr2029, USD. ZEB's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: ZEF or ZEB?
ZEF holds 59 securities, while ZEB holds 6. On holdings count, ZEF is the more diversified portfolio.
Recent articles about ZEF 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.