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Mackenzie Canadian Ultra Short Bond Index ETF (QASH) and iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO) offer distinct profiles for Canadian ETF investors. A direct comparison shows that QASH focuses its top 3 sector exposures on Finance, Municipal, and Energy, while CBO leans towards Finance, Industrials, and Utilities. When evaluating costs, QASH features a management fee (MER) of 0.15%, compared to 0.25% for CBO. Performance-wise, QASH has returned 1.63% year-to-date with -$15 M in net flows, whereas CBO is at 0.92% with +$170 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
QASH
CBO
| AuM | $135.81 M | $941.79 M |
| Management Fees | 0.15% | 0.25% |
| Exp. ratio | 0.17% | 0.27% |
| Tracking Difference | 0.00% | - |
Historical performance and flows
As of September 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QASH | +0.23% | +0.62% | +1.63% | +2.63% | - |
CBO | -0.50% | -0.20% | +0.92% | +2.34% | +17.55% | |
| Flows | QASH | -$10 M | -$5 M | -$15 M | +$7 M | - |
CBO | +$15 M | +$37 M | +$170 M | +$179 M | +$168 M |
QASH vs CBO exposure
Countries
QASH
Canada
90.18%
USA
9.82%
CBO
Canada
91.36%
USA
8.39%
Sectors
QASH
Finance
58.46%
Municipal
36.75%
CBO
Finance
58.12%
Industrials
13.82%
Utilities
12.83%
Other
15.23%
As of September 1, 2026
Top 10 Holdings
QASH
Montreal, 2.75% 1sep2026, CAD
24.51%
Toronto, 2.4% 7jun2027, CAD
12.24%
OPB Finance Trust, 2.98% 25jan2027, CAD (F)
9.16%
Bank of America Corporation, 1.978% 15sep2027, CAD (N)
4.73%
Morgan Stanley, 1.779% 4aug2027, CAD (I)
4.20%
Bank of Montreal, 4.309% 1jun2027, CAD
3.04%
Bank of Nova Scotia, 3.934% 3may2032, CAD
3.03%
CIBC, 4.2% 7apr2032, CAD
2.94%
Royal Bank of Canada, 2.94% 3may2032, CAD (25)
2.91%
Toronto-Dominion Bank, 2.26% 7jan2027, CAD
2.85%
CBO
Toronto-Dominion Bank, 4.133% 9jan2033, CAD
3.89%
Pacific Life Global Funding II, 4.195% 29jul2032, CAD (2025-8)
1.72%
New York Life Global Funding, 4% 17jun2032, CAD (2025-8)
1.72%
Coastal Gaslink Pipeline LP, 4.907% 30jun2031, CAD (C)
1.39%
Massmutual Global Funding II, 4.127% 15jul2032, CAD (2025-5)
1.29%
Greater Toronto Airports Authority, 7.1% 4jun2031, CAD (2001-1)
1.29%
ProLogis LP, 3.6% 15feb2032, CAD
1.27%
Hydro One Inc, 1.69% 16jan2031, CAD (49)
1.09%
Toronto-Dominion Bank, 3.605% 10sep2031, CAD
1.07%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
1.07%
Diversification
QASH
Total weight of top 10 holdings out of 43 total
69.60%
CBO
Total weight of top 10 holdings out of 454 total
15.79%
Characteristics
Compare
QASH
CBO
| Provider | Mackenzie Investments | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive Canadian Ultra Short Bond GTR Index - CAD | FTSE Canada 1-5 Year Laddered Corporate Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.75% | 3.53% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2023 | February 25, 2009 |
Frequently asked questions about QASH and CBO
Which ETF has performed better year to date: QASH or CBO?
As of September 1, 2026, QASH has returned 1.63% year to date, while CBO has returned 0.92%. QASH is ahead on YTD performance.
Which ETF is larger by assets under management: QASH or CBO?
As of September 1, 2026, QASH manages $135.81 M in assets, while CBO manages $941.79 M. CBO is the larger fund by AUM.
How are QASH and CBO managed?
QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark. CBO is passively managed by iShares. It tracks the FTSE Canada 1-5 Year Laddered Corporate Bond TR Index - CAD benchmark.
What sectors do QASH and CBO emphasize?
QASH is most exposed to Finance, Municipal, and Energy. CBO is most exposed to Finance, Industrials, and Utilities.
Which ETF is attracting more investor flows: QASH or CBO?
Year to date, QASH has seen -$15.03 M in net flows, compared with +$169.52 M for CBO. CBO has attracted more net investor money so far.
How do the fees of QASH and CBO compare?
QASH has an expense ratio of 0.17%, while CBO has an expense ratio of 0.27%.
What are the top holdings of QASH and CBO?
QASH's largest holdings include Montreal, 2.75% 1sep2026, CAD, Toronto, 2.4% 7jun2027, CAD, and OPB Finance Trust, 2.98% 25jan2027, CAD (F). CBO's top holdings include Toronto-Dominion Bank, 4.133% 9jan2033, CAD, Pacific Life Global Funding II, 4.195% 29jul2032, CAD (2025-8), and New York Life Global Funding, 4% 17jun2032, CAD (2025-8).
Which ETF is more diversified: QASH or CBO?
QASH holds 43 securities, while CBO holds 454. On holdings count, CBO 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.