Why not just emulate the ETF and buy all the banks?

Rob C and I discussed this about a year ago, with this same ETF. 

At $9.95 per trade, if you have $9,630 or more to invest in banks you will save money buying equal amounts of each bank in your brokerage account.  Then for an additional $59.70 a year you could rebalance annually. This saves money on fees AND you will earn a greater yield. 

At least one of the big 5 offers a $6.95 trade (CIBC), and if you deal with them the point at which just doing it yourself makes sense is just over $6700. 

Personally, I doubt I would bother to rebalance annually. I would save the fees and only rebalance if things got really out of balance. 

I personally hold 4 of the big 5 (I don't recognize National as a big bank) and intend to add the 5th (BMO) at some point in the future. 

I think if you don't have enough $ to hold all, either go with the highest yielding (CM) or one of the two biggest (RY,TD). Either way, I think you will be fine.