VS
Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR) and BMO Aggregate Bond Index ETF (ZAG) offer distinct profiles for Canadian ETF investors. A direct comparison shows that HFR focuses its top 3 sector exposures on Finance, Energy, and Telecommunications, while ZAG leans towards Sovereign, Municipal, and Finance. When evaluating costs, HFR features a management fee (MER) of 0.47%, compared to 0.08% for ZAG. Performance-wise, HFR has returned 2.1% year-to-date with +$204 M in net flows, whereas ZAG is at 1.22% with +$2 B. 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
HFR
ZAG
| AuM | $713.34 M | $13,609.02 M |
| Management Fees | 0.47% | 0.08% |
| Exp. ratio | 0.49% | 0.09% |
| Tracking Difference | - | - |
Historical performance and flows
As of November 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HFR | +0.16% | +0.50% | +2.10% | +2.47% | +13.50% |
ZAG | +1.18% | +0.90% | +1.22% | +0.36% | +14.60% | |
| Flows | HFR | +$7 M | +$64 M | +$204 M | +$217 M | +$293 M |
ZAG | +$261 M | +$382 M | +$1,622 M | +$2,068 M | +$7,682 M |
HFR vs ZAG exposure
Countries
HFR
Canada
88.03%
Other
8.09%
ZAG
Canada
95.65%
Sectors
HFR
Finance
67.98%
Energy
8.59%
Other
8.09%
Other
15.34%
ZAG
Sovereign
34.55%
Municipal
30.80%
Finance
11.12%
Government Agencies
9.39%
Other
14.14%
As of November 11, 2026
Top 10 Holdings
HFR
Federation des caisses Desjardins du Quebec, 5.035% 23aug2032, CAD
2.22%
TransCanada PipeLines, 3.8% 5apr2027, CAD
1.70%
Bank of Montreal, 4.976% 3jul2034, CAD (M)
1.63%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
1.43%
Rogers Communications, 3.65% 31mar2027, CAD
1.39%
Royal Bank of Canada, 3.831% 27mar2030, CAD
1.29%
Bank of Nova Scotia, 3.575% 1may2030, CAD
1.16%
Manulife Financial Corporation, 5.409% 10mar2033, CAD
1.02%
Toronto-Dominion Bank, 5.491% 8sep2028, CAD
0.99%
CIBC, 5.33% 20jan2033, CAD
0.97%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.26%
Canada, Bonds 2.5% 1nov2027, CAD
3.74%
Canada, Bonds 2.25% 1feb2028, CAD
2.97%
Canada, Bond 2.25 1jun2029 10Y
2.92%
Canada, Bonds 2.75% 1dec2055, CAD
2.80%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.69%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.35%
Bank of Montreal, 3.19% 1mar2028, CAD
2.25%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.23%
Canada, Bonds 2.75% 1mar2030, CAD
2.20%
Diversification
HFR
Total weight of top 10 holdings out of 293 total
13.80%
ZAG
Total weight of top 10 holdings out of 86 total
28.40%
Characteristics
Compare
HFR
ZAG
| Provider | Global X | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.44% | 3.43% |
| Meets ESG criteria | No | No |
| Inception Date | December 8, 2010 | January 19, 2010 |
Frequently asked questions about HFR and ZAG
Which ETF has performed better year to date: HFR or ZAG?
As of November 11, 2026, HFR has returned 2.10% year to date, while ZAG has returned 1.22%. HFR is ahead on YTD performance.
Which ETF is larger by assets under management: HFR or ZAG?
As of November 11, 2026, HFR manages $713.34 M in assets, while ZAG manages $13.61 B. ZAG is the larger fund by AUM.
How are HFR and ZAG managed?
HFR is actively managed by Global X. It does not track an index. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do HFR and ZAG emphasize?
HFR is most exposed to Finance, Energy, and Telecommunications. ZAG is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: HFR or ZAG?
Year to date, HFR has seen +$204.32 M in net flows, compared with +$1,622.04 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of HFR and ZAG compare?
HFR has an expense ratio of 0.49%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of HFR and ZAG?
HFR's largest holdings include Federation des caisses Desjardins du Quebec, 5.035% 23aug2032, CAD and TransCanada PipeLines, 3.8% 5apr2027, CAD. ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bonds 2.25% 1feb2028, CAD.
Which ETF is more diversified: HFR or ZAG?
HFR holds 281 securities, while ZAG holds 86. On holdings count, HFR is the more diversified portfolio.
Recent articles about HFR and ZAG
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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.