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Compare BMO S&P US Small Cap Index ETF (ZSML) vs Manulife Multifactor U.S. Small Cap Index ETF (MUSC) to find the best fit for your portfolio. ZSML provides Finance, Technology, and Industrials exposures, while MUSC is primarily weighted in Finance, Industrials, and Technology. When evaluating costs, ZSML features a management fee (MER) of 0.2%, compared to 0.5% for MUSC. Performance-wise, ZSML has returned 18.56% year-to-date with +$84 M in net flows, whereas MUSC is at 9.93% with -$2 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
ZSML
MUSC
| AuM | $195.87 M | $1.94 M |
| Management Fees | 0.20% | 0.50% |
| Exp. ratio | 0.22% | 0.55% |
| Tracking Difference | - | -0.05% |
Historical performance and flows
As of November 5, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZSML | -1.45% | -5.86% | +18.56% | +18.99% | +57.91% |
MUSC | +0.46% | -6.11% | +9.93% | +12.03% | +45.14% | |
| Flows | ZSML | +$5 M | +$10 M | +$84 M | +$84 M | +$74 M |
MUSC | -$2 M | -$2 M | -$2 M | -$2 M | +$0 M |
ZSML vs MUSC exposure
Countries
ZSML
USA
97.80%
MUSC
USA
96.72%
Sectors
ZSML
Finance
25.39%
Technology
13.86%
Industrials
12.89%
Healthcare
10.93%
Consumer Cyclicals
7.80%
Other
29.13%
MUSC
Finance
26.28%
Industrials
14.74%
Technology
9.95%
Non-Energy Materials
9.06%
Energy
7.86%
Consumer Cyclicals
7.76%
Other
24.35%
As of November 5, 2026
Top 10 Holdings
ZSML
FormFactor, Inc.
0.62%
Qorvo, Inc.
0.56%
ViaSat, Inc.
0.56%
Glaukos Corp.
0.55%
Match Group, Inc.
0.54%
Protagonist Therapeutics, Inc.
0.53%
CarMax, Inc.
0.49%
Paycom Software, Inc.
0.49%
Ryman Hospitality Properties, Inc.
0.49%
Element Solutions, Inc.
0.48%
MUSC
FormFactor, Inc.
0.54%
Element Solutions, Inc.
0.50%
Avnet, Inc.
0.48%
Ryder System, Inc.
0.47%
Voya Financial, Inc.
0.47%
Jackson Financial, Inc.
0.46%
SM Energy Co.
0.45%
The Timken Co.
0.45%
FirstCash Holdings, Inc.
0.44%
Madison Square Garden Sports Corp.
0.43%
Diversification
ZSML
Total weight of top 10 holdings out of 603 total
5.30%
MUSC
Total weight of top 10 holdings out of 489 total
4.68%
Characteristics
Compare
ZSML
MUSC
| Provider | BMO | Manulife Investments |
| Management | Passively managed | Passively managed |
| Benchmark | S&P SmallCap 600 Index - USD | John Hancock Dimensional Small Cap Index Total Return Hedged to CAD - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.05% | 1.24% |
| Meets ESG criteria | No | No |
| Inception Date | February 11, 2020 | November 27, 2017 |
Frequently asked questions about ZSML and MUSC
Which ETF has performed better year to date: ZSML or MUSC?
As of November 5, 2026, ZSML has returned 18.56% year to date, while MUSC has returned 9.93%. ZSML is ahead on YTD performance.
Which ETF is larger by assets under management: ZSML or MUSC?
As of November 5, 2026, ZSML manages $195.87 M in assets, while MUSC manages $1.94 M. ZSML is the larger fund by AUM.
How are ZSML and MUSC managed?
ZSML is passively managed by BMO. It tracks the S&P SmallCap 600 Index - USD benchmark. MUSC is passively managed by Manulife Investments. It tracks the John Hancock Dimensional Small Cap Index Total Return Hedged to CAD - CAD benchmark.
What sectors do ZSML and MUSC emphasize?
ZSML is most exposed to Finance, Technology, and Industrials. MUSC is most exposed to Finance, Industrials, and Technology.
Which ETF is attracting more investor flows: ZSML or MUSC?
Year to date, ZSML has seen +$84.47 M in net flows, compared with -$1.90 M for MUSC. ZSML has attracted more net investor money so far.
How do the fees of ZSML and MUSC compare?
ZSML has an expense ratio of 0.22%, while MUSC has an expense ratio of 0.55%.
What are the top holdings of ZSML and MUSC?
ZSML's largest holdings include FormFactor, Inc., Qorvo, Inc., and ViaSat, Inc.. MUSC's top holdings include FormFactor, Inc., Element Solutions, Inc., and Avnet, Inc..
Which ETF is more diversified: ZSML or MUSC?
ZSML holds 600 securities, while MUSC holds 486. On holdings count, ZSML is the more diversified portfolio.
Recent articles about ZSML and MUSC
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