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Compare BMO MSCI Emerging Markets Index ETF (ZEM) vs iShares Core MSCI Emerging Markets IMI Index ETF (XEC) to find the best fit for your portfolio. ZEM and XEC provide the same top sector exposures: Technology, Finance, and Non-Energy Materials. When evaluating costs, ZEM features a management fee (MER) of 0.25%, compared to 0.25% for XEC. Performance-wise, ZEM has returned 31.37% year-to-date with +$1 B in net flows, whereas XEC is at 29.79% with +$988 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
XEC
| AuM | $3,877.84 M | $5,075.27 M |
| Management Fees | 0.25% | 0.25% |
| Exp. ratio | 0.27% | 0.28% |
| Tracking Difference | -0.97% | - |
Historical performance and flows
As of October 5, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEM | +4.11% | +2.18% | +31.37% | +31.67% | +105.31% |
XEC | +3.22% | +2.14% | +29.79% | +29.89% | +100.11% | |
| Flows | ZEM | +$128 M | +$306 M | +$1,009 M | +$1,228 M | +$1,338 M |
XEC | +$71 M | +$313 M | +$988 M | +$1,211 M | +$2,018 M |
ZEM vs XEC exposure
Countries
ZEM
Taiwan
27.53%
Republic of Korea
20.69%
China
18.51%
India
11.36%
Other
21.91%
XEC
Taiwan
27.57%
Republic of Korea
20.06%
China
17.16%
India
12.59%
Other
22.63%
Sectors
ZEM
Technology
44.93%
Finance
21.13%
Non-Energy Materials
7.17%
Other
26.77%
XEC
Technology
42.50%
Finance
20.77%
Non-Energy Materials
7.98%
Other
28.76%
As of October 5, 2026
Top 10 Holdings
ZEM
Taiwan Semiconductor Manufacturing Co., Ltd.
15.07%
Samsung Electronics Co., Ltd.
7.16%
SK hynix, Inc.
5.45%
Tencent Holdings Ltd.
2.86%
Alibaba Group Holding Ltd.
1.97%
MediaTek, Inc.
1.44%
Delta Electronics, Inc.
0.91%
Samsung Electronics Co., Ltd.
0.88%
China Construction Bank Corp.
0.82%
Hon Hai Precision Industry Co., Ltd.
0.78%
XEC
Taiwan Semiconductor Manufacturing Co., Ltd.
13.30%
Samsung Electronics Co., Ltd.
6.33%
SK hynix, Inc.
4.81%
Tencent Holdings Ltd.
2.53%
Alibaba Group Holding Ltd.
1.74%
MediaTek, Inc.
1.27%
Delta Electronics, Inc.
0.81%
Samsung Electronics Co., Ltd.
0.78%
China Construction Bank Corp.
0.73%
Hon Hai Precision Industry Co., Ltd.
0.69%
Diversification
ZEM
Total weight of top 10 holdings out of 1,173 total
37.35%
XEC
Total weight of top 10 holdings out of 2,946 total
32.98%
Characteristics
Compare
ZEM
XEC
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets Net Total Return Index - CAD | MSCI Emerging Markets IMI Local Net Total Return Index - USD |
| Replication Method | Direct (Physical) | Other |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.70% | 1.52% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | April 10, 2013 |
Frequently asked questions about ZEM and XEC
Which ETF has performed better year to date: ZEM or XEC?
As of October 5, 2026, ZEM has returned 31.37% year to date, while XEC has returned 29.79%. ZEM is ahead on YTD performance.
Which ETF is larger by assets under management: ZEM or XEC?
As of October 5, 2026, ZEM manages $3.88 B in assets, while XEC manages $5.08 B. XEC is the larger fund by AUM.
How are ZEM and XEC managed?
ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark. XEC is passively managed by iShares. It tracks the MSCI Emerging Markets IMI Local Net Total Return Index - USD benchmark.
What sectors do ZEM and XEC emphasize?
ZEM is most exposed to Technology, Finance, and Non-Energy Materials. XEC is most exposed to Technology, Finance, and Non-Energy Materials.
Which ETF is attracting more investor flows: ZEM or XEC?
Year to date, ZEM has seen +$1,008.93 M in net flows, compared with +$988.20 M for XEC. ZEM has attracted more net investor money so far.
How do the fees of ZEM and XEC compare?
ZEM has an expense ratio of 0.27%, while XEC has an expense ratio of 0.28%.
What are the top holdings of ZEM and XEC?
ZEM's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc.. XEC's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: ZEM or XEC?
ZEM holds 1116 securities, while XEC holds 2872. On holdings count, XEC is the more diversified portfolio.
Recent articles about ZEM and XEC
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