VS
CI Canadian Short-Term Aggregate Bond Index ETF (CAGS) and BMO Short Corporate Bond Index ETF (ZCS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that CAGS focuses its top 3 sector exposures on Sovereign, Municipal, and Banks, while ZCS leans towards Banks, Pipelines, and Communication services. When evaluating costs, CAGS features a management fee (MER) of 0.18%, compared to 0.1% for ZCS. Performance-wise, CAGS has returned 0.58% year-to-date with +$7 M in net flows, whereas ZCS is at 0.75% with -$135 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
CAGS
ZCS
| AuM | $23.76 M | $4,184.50 M |
| Management Fees | 0.18% | 0.10% |
| Exp. ratio | 0.07% | 0.11% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CAGS | +0.82% | +0.17% | +0.58% | +2.91% | +14.12% |
ZCS | +1.02% | +0.25% | +0.75% | +4.22% | +17.65% | |
| Flows | CAGS | +$5 M | +$2 M | +$7 M | -$0 M | -$24 M |
ZCS | +$85 M | -$35 M | -$135 M | +$129 M | +$2,831 M |
CAGS vs ZCS exposure
Countries
CAGS
Canada
99.94%
ZCS
Canada
100.00%
Sectors
CAGS
Sovereign
32.25%
Municipal
15.62%
Other
14.16%
Banks
9.28%
Government agencies
9.07%
Other
19.61%
ZCS
Banks
43.26%
Other
14.39%
Pipelines
13.21%
Other
29.14%
As of April 24, 2026
Top 10 Holdings
CAGS
Canada, Bonds 4% 1mar2029, CAD
7.01%
CA135087T388
5.50%
Canada, Bonds 3.25% 1sep2028, CAD
5.11%
Canada, Bonds 2.75% 1may2027, CAD
3.32%
CA13509PKC63
3.10%
Canada, Bond 1.25 1jun2030 10Y
2.98%
Canada, Bond 0.5 1oct2030 10Y
2.84%
Canada, Bonds 2.75% 1mar2030, CAD
2.80%
Canada, Bonds 3.5% 1sep2029, CAD
2.50%
CMHC, 1.75% 15jun2030, CAD (92)
2.21%
ZCS
Bank of Montreal, 4.709% 7dec2027, CAD
7.38%
Bank of Montreal, 3.19% 1mar2028, CAD
6.50%
Toronto-Dominion Bank, 4.477% 18jan2028, CAD
5.15%
CA779926QX54
5.09%
CIBC, 3.8% 10dec2030, CAD
4.34%
CA89116C3S44
4.29%
TransCanada PipeLines, 5.277% 15jul2030, CAD
3.81%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
3.71%
Royal Bank of Canada, 4.632% 1may2028, CAD
3.70%
RBC Capital Markets, 4% 17oct2030, CAD
3.64%
Diversification
CAGS
Total weight of top 10 holdings out of 405 total
37.35%
ZCS
Total weight of top 10 holdings out of 40 total
47.60%
Characteristics
Compare
CAGS
ZCS
| Provider | CI | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Short Term Overall Bond TR Index - CAD | FTSE TMX Canada Short Term Corporate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.26% | 3.80% |
| Meets ESG criteria | No | No |
| Inception Date | June 22, 2017 | October 20, 2009 |
Frequently asked questions about CAGS and ZCS
Which ETF has performed better year to date: CAGS or ZCS?
As of April 24, 2026, CAGS has returned 0.58% year to date, while ZCS has returned 0.75%. ZCS is ahead on YTD performance.
Which ETF is larger by assets under management: CAGS or ZCS?
As of April 24, 2026, CAGS manages $23.76 M in assets, while ZCS manages $4.18 B. ZCS is the larger fund by AUM.
How are CAGS and ZCS managed?
CAGS is passively managed by CI. It tracks the FTSE Canada Short Term Overall Bond TR Index - CAD benchmark. ZCS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Corporate Bond Index - CAD benchmark.
What sectors do CAGS and ZCS emphasize?
CAGS is most exposed to Sovereign, Municipal, and Banks. ZCS is most exposed to Banks, Pipelines, and Communication services.
Which ETF is attracting more investor flows: CAGS or ZCS?
Year to date, CAGS has seen +$7.15 M in net flows, compared with -$135.50 M for ZCS. CAGS has attracted more net investor money so far.
How do the fees of CAGS and ZCS compare?
CAGS has an expense ratio of 0.07%, while ZCS has an expense ratio of 0.11%.
What are the top holdings of CAGS and ZCS?
CAGS's largest holdings include Canada, Bonds 4% 1mar2029, CAD and Canada, Bonds 3.25% 1sep2028, CAD. ZCS's top holdings include Bank of Montreal, 4.709% 7dec2027, CAD and Bank of Montreal, 3.19% 1mar2028, CAD.
Which ETF is more diversified: CAGS or ZCS?
CAGS holds 362 securities, while ZCS holds 34. On holdings count, CAGS is the more diversified portfolio.
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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.