Hey there,
We've actually been taking a much more cautious approach with Canadian Banks in light of what is happening in the US. Remember, most of our major banks have some pretty significant exposure south of the border, so we aren't really in any rush to load up. We'd like to see how the entire situation plays out.
That said, Canadian Banks are in much better positions than smaller regional banks (always have been) and we don't necessarily see those issues spilling over here. The ones we prefer to remain the ones on our lists such as RY, TD, BMO, and with a nod to National Bank. ZEB is one of my preferred Bank ETFs but I don't invest in it since I prefer investing in the banks themselves. ZEB has one of the lowest MER ratios and is by far the largest Canadian bank ETF in the country with more than $3.5B in assets under management.
Smaller banks such as CWB, LB and EQB will always have more risk than the largest banks which can be seen by the fact they are likely to be more volatile. CWB is facing a double-whammy right now as oil prices have been dropping (short-term headwind in our opinion).
Mat
(I am long BMO, TD)