VS
BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) and BMO Equal Weight Utilities Index ETF (ZUT) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZEF focuses its top 3 sector exposures on Sovereign and Municipal, while ZUT leans towards Utilities. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.55% for ZUT. Performance-wise, ZEF has returned 0.15% year-to-date with +$92 M in net flows, whereas ZUT is at 14.95% with -$59 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
ZUT
| AuM | $808.02 M | $871.58 M |
| Management Fees | 0.50% | 0.55% |
| Exp. ratio | 0.55% | 0.61% |
| Tracking Difference | -0.05% | -0.85% |
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% |
ZUT | +0.27% | +12.10% | +14.95% | +28.03% | +38.15% | |
| Flows | ZEF | -$1 M | +$20 M | +$92 M | +$176 M | +$131 M |
ZUT | +$18 M | -$36 M | -$59 M | +$132 M | +$256 M |
ZEF vs ZUT 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%
ZUT
Canada
85.16%
Bermuda
14.84%
Sectors
ZEF
Sovereign
99.14%
ZUT
Utilities
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%
ZUT
BORALEX
9.91%
NORTHLAND POWER
7.97%
BROOKFIELD RENEWABLE PARTNERS
7.84%
CAPITAL POWER
7.84%
ALTAGAS
7.70%
ATCO
7.53%
ALGONQUIN POWER
7.52%
TRANSALTA
7.49%
EMERA
7.42%
CANADIAN UTILITIES
7.38%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
34.46%
ZUT
Total weight of top 10 holdings out of 13 total
78.61%
Characteristics
Compare
ZEF
ZUT
| 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 Utilities Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.26% | 2.92% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | January 19, 2010 |
Frequently asked questions about ZEF and ZUT
Which ETF has performed better year to date: ZEF or ZUT?
As of April 30, 2026, ZEF has returned -0.15% year to date, while ZUT has returned 14.95%. ZUT is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or ZUT?
As of April 30, 2026, ZEF manages $808.02 M in assets, while ZUT manages $871.58 M. ZUT is the larger fund by AUM.
How are ZEF and ZUT 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. ZUT is passively managed by BMO. It tracks the Solactive Equal Weight Canada Utilities Total Return Index - CAD benchmark.
What sectors do ZEF and ZUT emphasize?
ZEF is most exposed to Sovereign and Municipal. ZUT is most exposed to Utilities.
Which ETF is attracting more investor flows: ZEF or ZUT?
Year to date, ZEF has seen +$91.74 M in net flows, compared with -$58.72 M for ZUT. ZEF has attracted more net investor money so far.
How do the fees of ZEF and ZUT compare?
ZEF has an expense ratio of 0.55%, while ZUT has an expense ratio of 0.61%.
What are the top holdings of ZEF and ZUT?
ZEF's largest holdings include Argentina, 1% 9jul2029, USD, Mexico, 3.5% 12feb2034, USD, and Mexico, 4.5% 22apr2029, USD. ZUT's top holdings include BORALEX, NORTHLAND POWER, and BROOKFIELD RENEWABLE PARTNERS.
Which ETF is more diversified: ZEF or ZUT?
ZEF holds 59 securities, while ZUT holds 13. On holdings count, ZEF is the more diversified portfolio.
Recent articles about ZEF and ZUT
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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.