VS
BMO SPDR Financials Select Sector Index ETF (ZXLF) and iShares S&P/TSX Capped Financials Index ETF (XFN) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZXLF focuses its top 3 sector exposures on Finance, Technology, and Business Services, while XFN leans towards Finance. When evaluating costs, ZXLF features a management fee (MER) of 0.21%, compared to 0.55% for XFN. Performance-wise, ZXLF has returned 6.27% year-to-date with +$6 M in net flows, whereas XFN is at 20.62% with -$104 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
ZXLF
XFN
| AuM | $11.25 M | $2,248.74 M |
| Management Fees | 0.21% | 0.55% |
| Exp. ratio | 0.21% | 0.61% |
| Tracking Difference | - | -0.92% |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZXLF | -1.39% | +8.37% | +6.27% | +7.46% | - |
XFN | -2.98% | +3.06% | +20.62% | +35.15% | +130.32% | |
| Flows | ZXLF | +$4 M | +$4 M | +$6 M | -$16 M | - |
XFN | +$39 M | -$19 M | -$104 M | -$139 M | -$336 M |
ZXLF vs XFN exposure
Countries
ZXLF
USA
96.29%
XFN
Canada
98.34%
Sectors
ZXLF
Finance
95.61%
XFN
Finance
99.74%
As of September 11, 2026
Top 10 Holdings
ZXLF
JPMorgan Chase & Co.
11.72%
Berkshire Hathaway, Inc.
11.66%
Visa, Inc.
7.56%
Mastercard, Inc.
5.75%
Bank of America Corp.
5.03%
The Goldman Sachs Group, Inc.
3.74%
Wells Fargo & Co.
3.29%
Morgan Stanley
3.14%
Citigroup, Inc.
2.79%
American Express Co.
2.23%
XFN
Royal Bank of Canada
22.66%
The Toronto-Dominion Bank
15.44%
Bank of Montreal
9.66%
Canadian Imperial Bank of Commerce
8.39%
The Bank of Nova Scotia
8.33%
Brookfield Corp.
6.93%
Manulife Financial Corp.
5.73%
National Bank of Canada
4.82%
Sun Life Financial, Inc.
3.54%
Intact Financial Corp.
2.71%
Diversification
ZXLF
Total weight of top 10 holdings out of 76 total
56.90%
XFN
Total weight of top 10 holdings out of 23 total
88.21%
Characteristics
Compare
ZXLF
XFN
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | S&P Financials Select Sector Total Return Index - USD | S&P/TSX Capped Financials Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.81% | 2.00% |
| Meets ESG criteria | No | No |
| Inception Date | February 2, 2025 | March 23, 2001 |
Frequently asked questions about ZXLF and XFN
Which ETF has performed better year to date: ZXLF or XFN?
As of September 11, 2026, ZXLF has returned 6.27% year to date, while XFN has returned 20.62%. XFN is ahead on YTD performance.
Which ETF is larger by assets under management: ZXLF or XFN?
As of September 11, 2026, ZXLF manages $11.25 M in assets, while XFN manages $2.25 B. XFN is the larger fund by AUM.
How are ZXLF and XFN managed?
ZXLF is passively managed by BMO. It tracks the S&P Financials Select Sector Total Return Index - USD benchmark. XFN is passively managed by iShares. It tracks the S&P/TSX Capped Financials Total Return Index - CAD benchmark.
What sectors do ZXLF and XFN emphasize?
ZXLF is most exposed to Finance, Technology, and Business Services. XFN is most exposed to Finance.
Which ETF is attracting more investor flows: ZXLF or XFN?
Year to date, ZXLF has seen +$6.19 M in net flows, compared with -$104.06 M for XFN. ZXLF has attracted more net investor money so far.
How do the fees of ZXLF and XFN compare?
ZXLF has an expense ratio of 0.21%, while XFN has an expense ratio of 0.61%.
What are the top holdings of ZXLF and XFN?
ZXLF's largest holdings include JPMorgan Chase & Co., Berkshire Hathaway, Inc., and Visa, Inc.. XFN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Bank of Montreal.
Which ETF is more diversified: ZXLF or XFN?
ZXLF holds 76 securities, while XFN holds 23. On holdings count, ZXLF is the more diversified portfolio.
Recent articles about ZXLF and XFN
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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.