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Compare BMO Low Volatility Canadian Equity ETF (ZLB) vs Manulife Smart Defensive Equity ETF (CDEF) to find the best fit for your portfolio. ZLB provides Finance, Consumer Non-Cyclicals, and Utilities exposures, while CDEF is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, ZLB features a management fee (MER) of 0.35%, compared to 0.25% for CDEF. Performance-wise, ZLB has returned 8.94% year-to-date with +$39 M in net flows, whereas CDEF is at 17.54% with +$0 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
ZLB
CDEF
| AuM | $6,142.98 M | $3.88 M |
| Management Fees | 0.35% | 0.25% |
| Exp. ratio | 0.39% | 0.28% |
| Tracking Difference | - | - |
Historical performance and flows
As of November 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLB | +6.23% | +0.52% | +8.94% | +14.07% | +64.39% |
CDEF | +7.00% | +2.72% | +17.54% | +22.63% | +79.01% | |
| Flows | ZLB | -$116 M | -$163 M | +$39 M | +$190 M | +$1,065 M |
CDEF | +$0 M | -$4 M | +$0 M | +$0 M | +$1 M |
ZLB vs CDEF exposure
Countries
ZLB
Canada
96.25%
CDEF
Canada
95.03%
Sectors
ZLB
Finance
31.84%
Consumer Non-Cyclicals
19.03%
Utilities
16.61%
Telecommunications
8.25%
Other
24.27%
CDEF
Finance
31.98%
Energy
13.22%
Non-Energy Materials
9.90%
Industrials
8.22%
Consumer Non-Cyclicals
8.06%
Utilities
7.73%
Other
20.90%
As of November 3, 2026
Top 10 Holdings
ZLB
Great-West Lifeco, Inc.
4.54%
Fortis, Inc.
4.29%
Loblaw Cos. Ltd.
3.97%
Quebecor, Inc.
3.85%
Hydro One Ltd.
3.67%
Empire Co. Ltd.
3.58%
Emera, Inc.
3.49%
Metro, Inc.
3.31%
CCL Industries, Inc.
3.25%
TMX Group Ltd.
3.17%
CDEF
The Bank of Nova Scotia
2.88%
The Toronto-Dominion Bank
2.76%
Great-West Lifeco, Inc.
2.76%
Sun Life Financial, Inc.
2.74%
Royal Bank of Canada
2.66%
Canadian Imperial Bank of Commerce
2.65%
Bank of Montreal
2.63%
Imperial Oil Ltd.
2.52%
Metro, Inc.
2.52%
Loblaw Cos. Ltd.
2.50%
Diversification
ZLB
Total weight of top 10 holdings out of 53 total
37.11%
CDEF
Total weight of top 10 holdings out of 65 total
26.64%
Characteristics
Compare
ZLB
CDEF
| Provider | BMO | Manulife Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.80% | 0.99% |
| Meets ESG criteria | No | No |
| Inception Date | October 27, 2011 | November 10, 2021 |
Frequently asked questions about ZLB and CDEF
Which ETF has performed better year to date: ZLB or CDEF?
As of November 3, 2026, ZLB has returned 8.94% year to date, while CDEF has returned 17.54%. CDEF is ahead on YTD performance.
Which ETF is larger by assets under management: ZLB or CDEF?
As of November 3, 2026, ZLB manages $6.14 B in assets, while CDEF manages $3.88 M. ZLB is the larger fund by AUM.
How are ZLB and CDEF managed?
ZLB is actively managed by BMO. It does not track an index. CDEF is actively managed by Manulife Investments. It does not track an index.
What sectors do ZLB and CDEF emphasize?
ZLB is most exposed to Finance, Consumer Non-Cyclicals, and Utilities. CDEF is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: ZLB or CDEF?
Year to date, ZLB has seen +$39.18 M in net flows, compared with +$0.01 M for CDEF. ZLB has attracted more net investor money so far.
How do the fees of ZLB and CDEF compare?
ZLB has an expense ratio of 0.39%, while CDEF has an expense ratio of 0.28%.
What are the top holdings of ZLB and CDEF?
ZLB's largest holdings include Great-West Lifeco, Inc., Fortis, Inc., and Loblaw Cos. Ltd.. CDEF's top holdings include The Bank of Nova Scotia, The Toronto-Dominion Bank, and Great-West Lifeco, Inc..
Which ETF is more diversified: ZLB or CDEF?
ZLB holds 53 securities, while CDEF holds 65. On holdings count, CDEF is the more diversified portfolio.
Recent articles about ZLB and CDEF
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