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BMO Japan Index ETF (ZJPN) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZJPN focuses its top 3 sector exposures on Finance, Technology, and Industrials, while ZEQ leans towards Healthcare, Industrials, and Consumer Non-Cyclicals. When evaluating costs, ZJPN features a management fee (MER) of 0.35%, compared to 0.4% for ZEQ. Performance-wise, ZJPN has returned 22.84% year-to-date with +$132 M in net flows, whereas ZEQ is at 5.21% with -$52 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
ZJPN
ZEQ
| AuM | $730.44 M | $305.67 M |
| Management Fees | 0.35% | 0.40% |
| Exp. ratio | 0.39% | 0.45% |
| Tracking Difference | -0.64% | -3.20% |
Historical performance and flows
As of September 18, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZJPN | +2.33% | +0.86% | +22.84% | +24.86% | +73.25% |
ZEQ | -3.09% | -0.74% | +5.21% | +8.49% | +21.60% | |
| Flows | ZJPN | +$3 M | +$16 M | +$132 M | +$146 M | -$173 M |
ZEQ | -$3 M | -$10 M | -$52 M | -$64 M | -$438 M |
ZJPN vs ZEQ exposure
Countries
ZJPN
Japan
100.00%
ZEQ
Switzerland
25.90%
United Kingdom
25.66%
France
10.89%
Germany
10.50%
Netherlands
9.60%
Other
17.45%
Sectors
ZJPN
Finance
21.54%
Technology
21.04%
Industrials
19.20%
Consumer Cyclicals
10.28%
Consumer Non-Cyclicals
8.39%
Other
19.54%
ZEQ
Healthcare
22.25%
Industrials
20.71%
Consumer Non-Cyclicals
14.92%
Technology
12.65%
Finance
11.21%
Consumer Cyclicals
7.77%
Other
10.50%
As of September 18, 2026
Top 10 Holdings
ZJPN
Mitsubishi UFJ Financial Group, Inc.
4.35%
Toyota Motor Corp.
3.49%
Sumitomo Mitsui Financial Group, Inc.
2.78%
Tokyo Electron Ltd.
2.71%
Hitachi Ltd.
2.49%
Sony Group Corp.
2.37%
Advantest Corp.
2.30%
Mizuho Financial Group, Inc.
2.17%
SoftBank Group Corp.
1.88%
Recruit Holdings Co., Ltd.
1.77%
ZEQ
ASML Holding NV
5.41%
Novartis AG
4.96%
Roche Holding AG
4.79%
Nestlé SA
4.49%
AstraZeneca PLC
4.38%
Novo Nordisk A/S
4.03%
ABB Ltd.
3.16%
Unilever Plc
3.08%
Allianz SE
2.96%
Rolls-Royce Holdings Plc
2.95%
Diversification
ZJPN
Total weight of top 10 holdings out of 305 total
26.31%
ZEQ
Total weight of top 10 holdings out of 122 total
40.22%
Characteristics
Compare
ZJPN
ZEQ
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive GBS Japan Large & Mid Cap NTR Index - CAD | MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.12% | 1.64% |
| Meets ESG criteria | No | No |
| Inception Date | January 17, 2022 | February 10, 2014 |
Frequently asked questions about ZJPN and ZEQ
Which ETF has performed better year to date: ZJPN or ZEQ?
As of September 18, 2026, ZJPN has returned 22.84% year to date, while ZEQ has returned 5.21%. ZJPN is ahead on YTD performance.
Which ETF is larger by assets under management: ZJPN or ZEQ?
As of September 18, 2026, ZJPN manages $730.44 M in assets, while ZEQ manages $305.67 M. ZJPN is the larger fund by AUM.
How are ZJPN and ZEQ managed?
ZJPN is passively managed by BMO. It tracks the Solactive GBS Japan Large & Mid Cap NTR Index - CAD benchmark. ZEQ is passively managed by BMO. It tracks the MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD benchmark.
What sectors do ZJPN and ZEQ emphasize?
ZJPN is most exposed to Finance, Technology, and Industrials. ZEQ is most exposed to Healthcare, Industrials, and Consumer Non-Cyclicals.
Which ETF is attracting more investor flows: ZJPN or ZEQ?
Year to date, ZJPN has seen +$131.74 M in net flows, compared with -$52.27 M for ZEQ. ZJPN has attracted more net investor money so far.
How do the fees of ZJPN and ZEQ compare?
ZJPN has an expense ratio of 0.39%, while ZEQ has an expense ratio of 0.45%.
What are the top holdings of ZJPN and ZEQ?
ZJPN's largest holdings include Mitsubishi UFJ Financial Group, Inc., Toyota Motor Corp., and Sumitomo Mitsui Financial Group, Inc.. ZEQ's top holdings include ASML Holding NV, Roche Holding AG, and Novartis AG.
Which ETF is more diversified: ZJPN or ZEQ?
ZJPN holds 305 securities, while ZEQ holds 118. On holdings count, ZJPN is the more diversified portfolio.
Recent articles about ZJPN and ZEQ
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