## [# ETF Of The Week: New Biggest Canada Fund](/sections/news/etf-week-new-biggest-canada-fund)
# ETF Of The Week: New Biggest Canada Fund
In less than a year, J.P. Morgan's BetaBuilder ETF has quietly dethroned the market's former top Canada ETF.
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[By Lara Crigger](/contributors/lara-crigger)
Apr 12, 2019
Edited by: Lara Crigger
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So much for first-mover status. In less than a year since its launch, the $3.4 billion [JPMorgan BetaBuilders Canada ETF (BBCA)](https://www.etf.com/BBCA) has become the largest [Canada ETF](https://www.etf.com/topics/canada-etfs) on the market, dethroning the $2.6 billion [iShares MSCI Canada ETF (EWC)](https://www.etf.com/EWC), which has been on the market since 1996.
Since the start of the year, more than $1 billion in new net inflows has quietly flowed into BBCA, most of which has come in the past two weeks:
That's on top of the $2.3 billion in net inflows the fund saw last year (read: "[New Canada ETF 2nd Fastest To $1B](https://www.etf.com/sections/features-and-news/new-canada-etf-2nd-fastest-1b)").
Most of that money originates from [J.P. Morgan](https://www.etf.com/topics/jpmorgan-etfs)'s own asset management clients, in a clear example of the “bring your own assets” model of attracting investment dollars that has become increasingly common among today's most successful ETF launches.
According to the most recent 13-F filings (accessed via [WhaleWisdom.com](https://www.whalewisdom.com/)), 74.1% of BBCA's shares were held by J.P. Morgan itself for its clients.
Still, money is money, whether it comes from organic growth or from inside one's own house.
**Similar Portfolios, Different Costs**
On the tin, BBCA doesn't seem all that different from EWC. Both funds track a market-cap-weighted index of large- and midcap Canadian stocks, although BBCA tracks a Morningstar index, while EWC tracks an MSCI one.
Both funds also have roughly the same number of constituents (100 for BBCA, 94 for EWC). They even have the same top-10 holdings, though in ever-so-slightly different weights. (That slight portfolio difference may account for some of the performance difference between the two funds; year-to-date, BBCA has returned 18.7%, while EWC has returned 17.7%.)
Where the two funds truly differ is in cost. BBCA charges only 0.19% per year compared with EWC's 0.47%, a cost difference of 0.28%. That will make a significant impact on long-term returns for buy-and-holder investors.
**Expenses Not The Whole Story**
But expense ratio isn't everything. For short-term traders or more tactical investors, EWC remains the clear favorite. That fund has a far more robust liquidity profile than BBCA. EWC's spread is lower than BBCA's (0.04%, compared with 0.07%), and on average, EWC trades $67 million in volume every day. BBCA, meanwhile, trades less than a quarter of that.
Perhaps, then, it's no surprise that there seem to be relatively few EWC investors making the switch to BBCA; last year, for example, EWC only saw net outflows of $190 million. Year-to-date, the fund has lost $160 million.
In truth, not every ETF can be all things to all investors. For long-term asset allocators, BBCA's low cost is a compelling selling point. For those with short time horizons or who need to make quick changes to a portfolio, EWC might be better suited. As usual, in investing, there is “no one size fits all.”
*Contact Lara Crigger at *
[ Lara Crigger ](/contributors/lara-crigger)
Lara Crigger is a veteran financial writer with more than twenty years' experience writing about ETFs, markets, and investor education. Formerly… [View Bio](/contributors/lara-crigger)
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