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Manulife Smart Global Bond ETF (GBND) and iShares Global Government Bond Index ETF (XGGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that GBND focuses its top 3 sector exposures on Sovereign, Finance, and Municipal, while XGGB leans towards Sovereign. When evaluating costs, GBND features a management fee (MER) of 0.4%, compared to 0.2% for XGGB. Performance-wise, GBND has returned 1.63% year-to-date with +$5 M in net flows, whereas XGGB is at 1.5% with -$157 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
GBND
XGGB
| AuM | $15.34 M | $355.98 M |
| Management Fees | 0.40% | 0.20% |
| Exp. ratio | 0.45% | 0.22% |
| Tracking Difference | - | -0.23% |
Historical performance and flows
As of October 29, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | GBND | +1.29% | -0.97% | -1.63% | -2.85% | +10.61% |
XGGB | +1.58% | -0.44% | -1.50% | -1.98% | +7.93% | |
| Flows | GBND | +$1 M | +$1 M | +$5 M | +$5 M | +$6 M |
XGGB | -$35 M | -$43 M | -$157 M | -$121 M | +$67 M |
GBND vs XGGB exposure
Countries
GBND
Canada
19.49%
USA
18.89%
Japan
9.74%
Germany
8.18%
Other
43.70%
XGGB
USA
40.19%
China
12.12%
Japan
8.49%
Other
39.21%
Sectors
GBND
Sovereign
63.87%
Finance
10.93%
Municipal
7.13%
Other
18.07%
XGGB
Sovereign
99.16%
As of October 29, 2026
Top 10 Holdings
GBND
Canada, Bills 0% 13jan2027, CAD (182D)
7.03%
Japan, JGB 1.1% 20sep2042, JPY
4.67%
Canada, Bills 0% 21oct2026, CAD (182D)
3.96%
Germany, Bund 2.2% 15feb2034, EUR
3.51%
Japan, JGB 0.8% 20mar2034, JPY
2.98%
Austria, AGB 2.9% 23may2029, EUR
2.97%
France, OAT 0.75% 25feb2028, EUR
2.42%
USA, Notes 4.625% 15feb2035, USD (B-2035)
2.23%
USA, Bonds 4.875% 15aug2045, USD
2.13%
Italy, BTP 2.1% 26aug2027, EUR
2.09%
XGGB
USA, Notes 2.875% 15may2032, USD (C-2032)
0.44%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.43%
USA, Notes 4% 31may2030, USD (Z-2030)
0.41%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.41%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.40%
USA, Notes 4.125% 15nov2032, USD (F-2032)
0.40%
USA, Notes 0.625% 15aug2030, USD (E-2030)
0.39%
USA, Notes 3.875% 30apr2030, USD (Y-2030)
0.39%
France, OAT 2.5% 25may2030, EUR
0.39%
USA, Notes 4% 15feb2034, USD (B-2034)
0.38%
Diversification
GBND
Total weight of top 10 holdings out of 141 total
33.99%
XGGB
Total weight of top 10 holdings out of 1,198 total
4.03%
Characteristics
Compare
GBND
XGGB
| Provider | Manulife Investments | iShares |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE World Government Bond Index Currency-hedged in CAD - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.50% | 2.89% |
| Meets ESG criteria | No | No |
| Inception Date | May 15, 2023 | September 21, 2017 |
Frequently asked questions about GBND and XGGB
Which ETF has performed better year to date: GBND or XGGB?
As of October 29, 2026, GBND has returned -1.63% year to date, while XGGB has returned -1.50%. XGGB is ahead on YTD performance.
Which ETF is larger by assets under management: GBND or XGGB?
As of October 29, 2026, GBND manages $15.34 M in assets, while XGGB manages $355.98 M. XGGB is the larger fund by AUM.
How are GBND and XGGB managed?
GBND is actively managed by Manulife Investments. It does not track an index. XGGB is passively managed by iShares. It tracks the FTSE World Government Bond Index Currency-hedged in CAD - CAD benchmark.
What sectors do GBND and XGGB emphasize?
GBND is most exposed to Sovereign, Finance, and Municipal. XGGB is most exposed to Sovereign.
Which ETF is attracting more investor flows: GBND or XGGB?
Year to date, GBND has seen +$4.74 M in net flows, compared with -$156.60 M for XGGB. GBND has attracted more net investor money so far.
How do the fees of GBND and XGGB compare?
GBND has an expense ratio of 0.45%, while XGGB has an expense ratio of 0.22%.
What are the top holdings of GBND and XGGB?
GBND's largest holdings include Canada, Bills 0% 13jan2027, CAD (182D) and Japan, JGB 1.1% 20sep2042, JPY. XGGB's top holdings include USA, Notes 2.875% 15may2032, USD (C-2032), USA, Notes 4.375% 15may2034, USD (C-2034), and USA, Notes 4% 31may2030, USD (Z-2030).
Which ETF is more diversified: GBND or XGGB?
GBND holds 115 securities, while XGGB holds 1183. On holdings count, XGGB is the more diversified portfolio.
Recent articles about GBND and XGGB
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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.