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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 Industrials. When evaluating costs, ZLI features a management fee (MER) of 0.4%, compared to 0.35% for XMI. Performance-wise, ZLI has returned 11.23% year-to-date with -$3 M in net flows, whereas XMI is at 15.16% with -$16 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 | $292.98 M | $183.58 M |
| Management Fees | 0.40% | 0.35% |
| Exp. ratio | 0.45% | 0.38% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 23, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLI | +3.74% | +5.98% | +11.23% | +8.18% | +52.95% |
XMI | +3.01% | +5.87% | +15.16% | +14.95% | +66.20% | |
| Flows | ZLI | +$0 M | -$6 M | -$3 M | -$0 M | -$170 M |
XMI | -$3 M | -$3 M | -$16 M | -$16 M | -$13 M |
ZLI vs XMI exposure
Countries
ZLI
Japan
25.52%
United Kingdom
13.99%
France
9.61%
Netherlands
9.32%
Germany
8.82%
Other
32.75%
XMI
Japan
27.94%
Switzerland
10.38%
United Kingdom
9.46%
Other
52.22%
Sectors
ZLI
Finance
22.80%
Consumer Non-Cyclicals
10.75%
Telecommunications
10.72%
Utilities
10.54%
Industrials
10.21%
Technology
9.94%
Other
25.03%
XMI
Finance
23.67%
Consumer Non-Cyclicals
13.43%
Industrials
10.56%
Healthcare
10.51%
Energy
8.98%
Telecommunications
8.58%
Other
24.27%
As of October 23, 2026
Top 10 Holdings
ZLI
Euronext NV
2.35%
Orange SA
2.01%
Deutsche Börse AG
1.96%
Japan Post Holdings Co., Ltd.
1.59%
London Stock Exchange Group Plc
1.57%
SoftBank Corp.
1.55%
Nitori Holdings Co., Ltd.
1.54%
Insurance Australia Group Ltd.
1.49%
SECOM Co., Ltd.
1.45%
Kao Corp.
1.44%
XMI
DBS Group Holdings Ltd.
1.51%
Iberdrola SA
1.48%
Equinor ASA
1.47%
Takeda Pharmaceutical Co., Ltd.
1.46%
Shell Plc
1.44%
SECOM Co., Ltd.
1.43%
Eni SpA
1.40%
TotalEnergies SE
1.36%
Novartis AG
1.35%
Oversea-Chinese Banking Corp. Ltd.
1.34%
Diversification
ZLI
Total weight of top 10 holdings out of 104 total
16.94%
XMI
Total weight of top 10 holdings out of 266 total
14.24%
Characteristics
Compare
ZLI
XMI
| Provider | BMO | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI EAFE Minimum Volatility Net Total Return Index - USD |
| Replication Method | - | Other |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.04% | 2.48% |
| 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 October 23, 2026, ZLI has returned 11.23% year to date, while XMI has returned 15.16%. XMI is ahead on YTD performance.
Which ETF is larger by assets under management: ZLI or XMI?
As of October 23, 2026, ZLI manages $292.98 M in assets, while XMI manages $183.58 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 Industrials.
Which ETF is attracting more investor flows: ZLI or XMI?
Year to date, ZLI has seen -$2.96 M in net flows, compared with -$16.27 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 0.38%.
What are the top holdings of ZLI and XMI?
ZLI's largest holdings include Euronext NV, Orange SA, and Deutsche Börse AG. XMI's top holdings include DBS Group Holdings Ltd., Iberdrola SA, and Equinor ASA.
Which ETF is more diversified: ZLI or XMI?
ZLI holds 104 securities, while XMI holds 263. 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.