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Compare BMO MSCI Emerging Markets Index ETF (ZEM) vs iShares MSCI Emerging Markets Index ETF (XEM) to find the best fit for your portfolio. ZEM and XEM 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 0.82% for XEM. Performance-wise, ZEM has returned 29.73% year-to-date with +$966 M in net flows, whereas XEM is at 29.07% with +$207 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
XEM
| AuM | $3,785.85 M | $528.48 M |
| Management Fees | 0.25% | 0.82% |
| Exp. ratio | 0.27% | 0.80% |
| Tracking Difference | -1.19% | - |
Historical performance and flows
As of September 21, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEM | +5.77% | -2.73% | +29.73% | +34.52% | +99.40% |
XEM | +4.33% | -4.30% | +29.07% | +33.15% | +99.14% | |
| Flows | ZEM | +$93 M | +$279 M | +$966 M | +$1,210 M | +$1,295 M |
XEM | +$3 M | +$71 M | +$207 M | +$211 M | +$141 M |
ZEM vs XEM exposure
Countries
ZEM
Taiwan
25.86%
China
20.39%
Republic of Korea
17.68%
India
12.30%
Other
23.77%
XEM
Taiwan
25.85%
China
20.37%
Republic of Korea
17.67%
India
12.29%
Other
23.82%
Sectors
ZEM
Technology
41.63%
Finance
22.76%
Other
35.60%
XEM
Technology
41.61%
Finance
22.75%
Other
35.65%
As of September 21, 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%
XEM
Taiwan Semiconductor Manufacturing Co., Ltd.
14.87%
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%
Diversification
ZEM
Total weight of top 10 holdings out of 1,179 total
35.34%
XEM
Total weight of top 10 holdings out of 1,179 total
35.32%
Characteristics
Compare
ZEM
XEM
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets Net Total Return Index - CAD | MSCI Emerging Markets Index - USD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.72% | 1.40% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | June 18, 2009 |
Frequently asked questions about ZEM and XEM
Which ETF has performed better year to date: ZEM or XEM?
As of September 21, 2026, ZEM has returned 29.73% year to date, while XEM has returned 29.07%. ZEM is ahead on YTD performance.
Which ETF is larger by assets under management: ZEM or XEM?
As of September 21, 2026, ZEM manages $3.79 B in assets, while XEM manages $528.48 M. ZEM is the larger fund by AUM.
How are ZEM and XEM managed?
ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark. XEM is passively managed by iShares. It tracks the MSCI Emerging Markets Index - USD benchmark.
What sectors do ZEM and XEM emphasize?
ZEM is most exposed to Technology, Finance, and Non-Energy Materials. XEM is most exposed to Technology, Finance, and Non-Energy Materials.
Which ETF is attracting more investor flows: ZEM or XEM?
Year to date, ZEM has seen +$966.03 M in net flows, compared with +$207.30 M for XEM. ZEM has attracted more net investor money so far.
How do the fees of ZEM and XEM compare?
ZEM has an expense ratio of 0.27%, while XEM has an expense ratio of 0.80%.
What are the top holdings of ZEM and XEM?
ZEM's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc.. XEM's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: ZEM or XEM?
ZEM holds 1122 securities, while XEM holds 1122. On holdings count, ZEM is the more diversified portfolio.
Recent articles about ZEM and XEM
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