VS
BMO Low Volatility International Equity ETF (ZLI) and iShares MSCI EAFE Minimum Volatility Index ETF (XMI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZLI focuses its top 3 sector exposures on Finance, Consumer Non-Cyclicals, and Telecommunications, while XMI leans towards Finance, Consumer Non-Cyclicals, and Healthcare. When evaluating costs, ZLI features a management fee (MER) of 0.4%, compared to 0.35% for XMI. Performance-wise, ZLI has returned 5.93% year-to-date with +$3 M in net flows, whereas XMI is at 9.98% with -$14 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
ZLI
XMI
| AuM | $286.52 M | $177.75 M |
| Management Fees | 0.40% | 0.35% |
| Exp. ratio | 0.45% | 0.37% |
| Tracking Difference | - | - |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLI | +2.94% | +3.94% | +5.93% | +5.23% | +38.48% |
XMI | +3.36% | +4.07% | +9.98% | +14.43% | +53.19% | |
| Flows | ZLI | -$6 M | -$3 M | +$3 M | -$38 M | -$166 M |
XMI | +$0 M | -$2 M | -$14 M | -$9 M | -$18 M |
ZLI vs XMI exposure
Countries
ZLI
Japan
24.28%
United Kingdom
13.96%
France
10.23%
Netherlands
9.60%
Germany
8.56%
Other
33.38%
XMI
Japan
25.88%
Switzerland
10.95%
United Kingdom
10.12%
Other
53.05%
Sectors
ZLI
Finance
21.94%
Consumer Non-Cyclicals
11.79%
Telecommunications
10.87%
Utilities
10.64%
Industrials
10.11%
Healthcare
9.05%
Other
25.60%
XMI
Finance
23.20%
Consumer Non-Cyclicals
13.82%
Healthcare
11.95%
Industrials
10.80%
Utilities
8.40%
Telecommunications
8.36%
Other
23.47%
As of July 24, 2026
Top 10 Holdings
ZLI
Orange SA
2.26%
Euronext NV
2.04%
Deutsche Börse AG
1.63%
Insurance Australia Group Ltd.
1.52%
Koninklijke Ahold Delhaize NV
1.51%
SECOM Co., Ltd.
1.49%
Nippon Building Fund, Inc.
1.48%
Zurich Insurance Group AG
1.47%
Japan Post Holdings Co., Ltd.
1.44%
London Stock Exchange Group Plc
1.42%
XMI
Iberdrola SA
1.66%
SECOM Co., Ltd.
1.51%
Novartis AG
1.49%
Zurich Insurance Group AG
1.41%
Takeda Pharmaceutical Co., Ltd.
1.38%
DBS Group Holdings Ltd.
1.37%
Shell Plc
1.36%
Swisscom AG
1.34%
Eni SpA
1.31%
TotalEnergies SE
1.29%
Diversification
ZLI
Total weight of top 10 holdings out of 104 total
16.25%
XMI
Total weight of top 10 holdings out of 254 total
14.12%
Characteristics
Compare
ZLI
XMI
| Provider | BMO | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI EAFE Minimum Volatility Net Total Return Index - USD |
| Replication Method | ||
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.13% | 2.60% |
| Meets ESG criteria | No | No |
| Inception Date | September 2, 2015 | July 24, 2012 |
Frequently asked questions about ZLI and XMI
Which ETF has performed better year to date: ZLI or XMI?
As of July 24, 2026, ZLI has returned 5.93% year to date, while XMI has returned 9.98%. XMI is ahead on YTD performance.
Which ETF is larger by assets under management: ZLI or XMI?
As of July 24, 2026, ZLI manages $286.52 M in assets, while XMI manages $177.75 M. ZLI is the larger fund by AUM.
How are ZLI and XMI managed?
ZLI is actively managed by BMO. It does not track an index. XMI is passively managed by iShares. It tracks the MSCI EAFE Minimum Volatility Net Total Return Index - USD benchmark.
What sectors do ZLI and XMI emphasize?
ZLI is most exposed to Finance, Consumer Non-Cyclicals, and Telecommunications. XMI is most exposed to Finance, Consumer Non-Cyclicals, and Healthcare.
Which ETF is attracting more investor flows: ZLI or XMI?
Year to date, ZLI has seen +$3.15 M in net flows, compared with -$13.72 M for XMI. ZLI has attracted more net investor money so far.
How do the fees of ZLI and XMI compare?
ZLI has an expense ratio of 0.45%, while XMI has an expense ratio of 0.37%.
What are the top holdings of ZLI and XMI?
ZLI's largest holdings include Orange SA, Euronext NV, and Deutsche Börse AG. XMI's top holdings include Iberdrola SA, SECOM Co., Ltd., and Novartis AG.
Which ETF is more diversified: ZLI or XMI?
ZLI holds 104 securities, while XMI holds 251. On holdings count, XMI is the more diversified portfolio.
Recent articles about ZLI and XMI
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.