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BMO S&P US Small Cap Index ETF (ZSML) and iShares U.S. Small Cap Index ETF (XSU) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZSML focuses its top 3 sector exposures on Finance, Technology, and Industrials, while XSU leans towards Finance, Healthcare, and Technology. When evaluating costs, ZSML features a management fee (MER) of 0.2%, compared to 0.35% for XSU. Performance-wise, ZSML has returned 18.56% year-to-date with +$84 M in net flows, whereas XSU is at 8.69% with -$114 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
XSU
| AuM | $195.87 M | $617.04 M |
| Management Fees | 0.20% | 0.35% |
| Exp. ratio | 0.22% | 0.36% |
| Tracking Difference | - | -0.35% |
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% |
XSU | -4.54% | -9.93% | +8.69% | +9.35% | +53.51% | |
| Flows | ZSML | +$5 M | +$10 M | +$84 M | +$84 M | +$74 M |
XSU | -$21 M | -$54 M | -$114 M | -$104 M | -$18 M |
ZSML vs XSU exposure
Countries
ZSML
USA
97.80%
XSU
USA
95.17%
Sectors
ZSML
Finance
25.39%
Technology
13.86%
Industrials
12.89%
Healthcare
10.93%
Consumer Cyclicals
7.80%
Other
29.13%
XSU
Finance
25.82%
Healthcare
20.63%
Technology
12.66%
Industrials
10.37%
Other
30.51%
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%
XSU
US4642876555
99.99%
Diversification
ZSML
Total weight of top 10 holdings out of 603 total
5.30%
XSU
Total weight of top 10 holdings out of 1,973 total
99.99%
Characteristics
Compare
ZSML
XSU
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | S&P SmallCap 600 Index - USD | Russell 2000 CAD Hedged NTR Index - CAD |
| Replication Method | Direct (Physical) | Other |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.05% | 0.83% |
| Meets ESG criteria | No | No |
| Inception Date | February 11, 2020 | May 14, 2007 |
Frequently asked questions about ZSML and XSU
Which ETF has performed better year to date: ZSML or XSU?
As of November 5, 2026, ZSML has returned 18.56% year to date, while XSU has returned 8.69%. ZSML is ahead on YTD performance.
Which ETF is larger by assets under management: ZSML or XSU?
As of November 5, 2026, ZSML manages $195.87 M in assets, while XSU manages $617.04 M. XSU is the larger fund by AUM.
How are ZSML and XSU managed?
ZSML is passively managed by BMO. It tracks the S&P SmallCap 600 Index - USD benchmark. XSU is passively managed by iShares. It tracks the Russell 2000 CAD Hedged NTR Index - CAD benchmark.
Which ETF is more diversified: ZSML or XSU?
ZSML holds 600 securities, while XSU holds 1. On holdings count, ZSML is the more diversified portfolio.
Which ETF is attracting more investor flows: ZSML or XSU?
Year to date, ZSML has seen +$84.47 M in net flows, compared with -$114.23 M for XSU. ZSML has attracted more net investor money so far.
How do the fees of ZSML and XSU compare?
ZSML has an expense ratio of 0.22%, while XSU has an expense ratio of 0.36%.
What sectors do ZSML and XSU emphasize?
ZSML is most exposed to Finance, Technology, and Industrials. XSU is most exposed to Finance, Healthcare, and Technology.
Recent articles about ZSML and XSU
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