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Compare BMO MSCI Emerging Markets Index ETF (ZEM) vs Mackenzie Emerging Markets Equity Index ETF (QEE) to find the best fit for your portfolio. ZEM provides Technology, Finance, and Non-Energy Materials exposures, while QEE is primarily weighted in Technology, Finance, and Industrials. When evaluating costs, ZEM features a management fee (MER) of 0.25%, compared to 0.22% for QEE. Performance-wise, ZEM has returned 28.97% year-to-date with +$942 M in net flows, whereas QEE is at 25.05% with +$193 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
ZEM
QEE
| AuM | $3,739.39 M | $351.08 M |
| Management Fees | 0.25% | 0.22% |
| Exp. ratio | 0.27% | 0.27% |
| Tracking Difference | -1.19% | 0.23% |
Historical performance and flows
As of September 18, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEM | +4.10% | -3.30% | +28.97% | +33.73% | +100.32% |
QEE | +1.72% | -4.99% | +25.05% | +29.67% | +84.45% | |
| Flows | ZEM | +$69 M | +$254 M | +$942 M | +$1,186 M | +$1,269 M |
QEE | +$99 M | +$101 M | +$193 M | +$205 M | +$247 M |
ZEM vs QEE exposure
Countries
ZEM
Taiwan
25.86%
China
20.39%
Republic of Korea
17.68%
India
12.30%
Other
23.77%
QEE
Taiwan
25.19%
China
21.37%
Republic of Korea
17.46%
India
12.91%
Other
23.07%
Sectors
ZEM
Technology
41.63%
Finance
22.76%
Other
35.60%
QEE
Technology
40.78%
Finance
21.48%
Industrials
7.51%
Other
30.23%
As of September 18, 2026
Top 10 Holdings
ZEM
Taiwan Semiconductor Manufacturing Co., Ltd.
14.88%
Samsung Electronics Co., Ltd.
5.99%
SK hynix, Inc.
4.52%
Tencent Holdings Ltd.
3.29%
Alibaba Group Holding Ltd.
2.12%
MediaTek, Inc.
1.28%
China Construction Bank Corp.
0.89%
Delta Electronics, Inc.
0.82%
HDFC Bank Ltd.
0.78%
Hon Hai Precision Industry Co., Ltd.
0.77%
QEE
Taiwan Semiconductor Manufacturing Co., Ltd.
13.64%
Samsung Electronics Co., Ltd.
5.67%
SK hynix, Inc.
4.20%
Tencent Holdings Ltd.
3.14%
Alibaba Group Holding Ltd.
2.16%
MediaTek, Inc.
1.24%
China Construction Bank Corp.
0.95%
Delta Electronics, Inc.
0.78%
HDFC Bank Ltd.
0.75%
Hon Hai Precision Industry Co., Ltd.
0.73%
Diversification
ZEM
Total weight of top 10 holdings out of 1,179 total
35.34%
QEE
Total weight of top 10 holdings out of 1,440 total
33.24%
Characteristics
Compare
ZEM
QEE
| Provider | BMO | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets Net Total Return Index - CAD | Solactive GBS Emerging Markets Large & Mid Cap CAD Index NTR - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.73% | 1.63% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | February 8, 2022 |
Frequently asked questions about ZEM and QEE
Which ETF has performed better year to date: ZEM or QEE?
As of September 18, 2026, ZEM has returned 28.97% year to date, while QEE has returned 25.05%. ZEM is ahead on YTD performance.
Which ETF is larger by assets under management: ZEM or QEE?
As of September 18, 2026, ZEM manages $3.74 B in assets, while QEE manages $351.08 M. ZEM is the larger fund by AUM.
How are ZEM and QEE managed?
ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark. QEE is passively managed by Mackenzie Investments. It tracks the Solactive GBS Emerging Markets Large & Mid Cap CAD Index NTR - CAD benchmark.
What sectors do ZEM and QEE emphasize?
ZEM is most exposed to Technology, Finance, and Non-Energy Materials. QEE is most exposed to Technology, Finance, and Industrials.
Which ETF is attracting more investor flows: ZEM or QEE?
Year to date, ZEM has seen +$941.68 M in net flows, compared with +$193.38 M for QEE. ZEM has attracted more net investor money so far.
How do the fees of ZEM and QEE compare?
ZEM has an expense ratio of 0.27%, while QEE has an expense ratio of 0.27%.
What are the top holdings of ZEM and QEE?
ZEM's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc.. QEE's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: ZEM or QEE?
ZEM holds 1122 securities, while QEE holds 1354. On holdings count, QEE is the more diversified portfolio.
Recent articles about ZEM and QEE
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