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BMO US Dividend ETF (ZUD) and Manulife Smart U.S. Defensive Equity ETF (UDEF.U) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZUD focuses its top 3 sector exposures on Technology, Finance, and Healthcare, while UDEF.U leans towards Technology, Finance, and Healthcare. When evaluating costs, ZUD features a management fee (MER) of 0.3%, compared to 0.28% for UDEF.U. Performance-wise, ZUD has returned 13.97% year-to-date with -$4 M in net flows, whereas UDEF.U is at 11.85% 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
ZUD
UDEF.U
| AuM | $155.65 M | $2.57 M |
| Management Fees | 0.30% | 0.28% |
| Exp. ratio | 0.33% | 0.32% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZUD | -1.57% | +1.02% | +13.97% | +15.41% | +64.23% |
UDEF.U | +0.48% | +2.30% | +11.85% | +13.28% | +47.06% | |
| Flows | ZUD | +$0 M | -$4 M | -$4 M | -$6 M | -$8 M |
UDEF.U | +$0 M | +$0 M | -$0 M | +$0 M | +$0 M |
ZUD vs UDEF.U exposure
Countries
ZUD
USA
98.27%
UDEF.U
USA
94.81%
Sectors
ZUD
Technology
32.44%
Finance
15.94%
Healthcare
11.45%
Consumer Non-Cyclicals
9.89%
Energy
8.63%
Other
21.65%
UDEF.U
Technology
33.51%
Finance
17.89%
Healthcare
13.42%
Industrials
10.30%
Other
24.89%
As of October 19, 2026
Top 10 Holdings
ZUD
Dell Technologies, Inc.
4.08%
Apple, Inc.
3.98%
Cisco Systems, Inc.
3.58%
AbbVie, Inc.
3.54%
Philip Morris International, Inc.
2.93%
NVIDIA Corp.
2.91%
Broadcom Inc.
2.84%
Chevron Corp.
2.63%
QUALCOMM, Inc.
2.43%
JPMorgan Chase & Co.
2.04%
UDEF.U
Fortinet, Inc.
2.07%
Apple, Inc.
2.04%
Mastercard, Inc.
2.03%
Johnson & Johnson
2.03%
Merck & Co., Inc.
2.02%
NVIDIA Corp.
2.02%
Microsoft Corp.
2.00%
JPMorgan Chase & Co.
1.98%
Bank of America Corp.
1.94%
Verizon Communications, Inc.
1.93%
Diversification
ZUD
Total weight of top 10 holdings out of 95 total
30.96%
UDEF.U
Total weight of top 10 holdings out of 170 total
20.08%
Characteristics
Compare
ZUD
UDEF.U
| Provider | BMO | Manulife Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.55% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | March 27, 2013 | November 9, 2022 |
Frequently asked questions about ZUD and UDEF.U
Which ETF has performed better year to date: ZUD or UDEF.U?
As of October 19, 2026, ZUD has returned 13.97% year to date, while UDEF.U has returned 11.85%. ZUD is ahead on YTD performance.
Which ETF is larger by assets under management: ZUD or UDEF.U?
As of October 19, 2026, ZUD manages $155.65 M in assets, while UDEF.U manages $2.57 M. ZUD is the larger fund by AUM.
How are ZUD and UDEF.U managed?
ZUD is actively managed by BMO. It does not track an index. UDEF.U is actively managed by Manulife Investments. It does not track an index.
What sectors do ZUD and UDEF.U emphasize?
ZUD is most exposed to Technology, Finance, and Healthcare. UDEF.U is most exposed to Technology, Finance, and Healthcare.
Which ETF is attracting more investor flows: ZUD or UDEF.U?
Year to date, ZUD has seen -$4.28 M in net flows, compared with -$0.00 M for UDEF.U. UDEF.U has attracted more net investor money so far.
How do the fees of ZUD and UDEF.U compare?
ZUD has an expense ratio of 0.33%, while UDEF.U has an expense ratio of 0.32%.
What are the top holdings of ZUD and UDEF.U?
ZUD's largest holdings include Dell Technologies, Inc., Apple, Inc., and Cisco Systems, Inc.. UDEF.U's top holdings include Fortinet, Inc., Apple, Inc., and Mastercard, Inc..
Which ETF is more diversified: ZUD or UDEF.U?
ZUD holds 95 securities, while UDEF.U holds 170. On holdings count, UDEF.U is the more diversified portfolio.
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