VS
Mackenzie Canadian Ultra Short Bond Index ETF (QASH) and CIBC 2028 Investment Grade Bond Fund (CTBD) 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 CTBD leans towards Finance, Utilities, and Telecommunications. When evaluating costs, QASH features a management fee (MER) of 0.15%, compared to 0.15% for CTBD. Performance-wise, QASH has returned 1.62% year-to-date with -$16 M in net flows, whereas CTBD is at 1.34% with +$68 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
CTBD
| AuM | $134.79 M | $130.49 M |
| Management Fees | 0.15% | 0.15% |
| Exp. ratio | 0.17% | 0.23% |
| Tracking Difference | 0.00% | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QASH | +0.21% | +0.60% | +1.62% | +2.62% | - |
CTBD | -0.12% | +0.39% | +1.34% | +2.43% | - | |
| Flows | QASH | -$11 M | -$6 M | -$16 M | +$6 M | - |
CTBD | +$7 M | +$31 M | +$68 M | +$89 M | - |
QASH vs CTBD exposure
Countries
QASH
Canada
90.18%
USA
9.82%
CTBD
Canada
89.34%
USA
9.84%
Sectors
QASH
Finance
58.46%
Municipal
36.75%
CTBD
Finance
53.23%
Utilities
11.56%
Other
35.21%
As of September 2, 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%
CTBD
Honda Canada Finance, 1.646% 25feb2028, CAD
5.90%
Athene Global Funding, 2.47% 9jun2028, CAD (2021-14)
5.06%
Granite REIT Holdings, 2.194% 30aug2028, CAD
4.97%
Bruce Power, 2.68% 21dec2028, CAD (2021-1)
4.95%
WSP Global, 2.408% 19apr2028, CAD
4.95%
Allied Properties REIT, 3.131% 15may2028, CAD (G)
4.94%
Summit Industrial Income REIT, 2.44% 14jul2028, CAD (D)
4.90%
AltaGas, 2.075% 30may2028, CAD (22)
4.84%
Royal Bank of Canada, 1.67% 28jan2033, CAD (23)
4.82%
RioCan REIT, 2.829% 8nov2028, CAD (AE)
4.81%
Diversification
QASH
Total weight of top 10 holdings out of 43 total
69.60%
CTBD
Total weight of top 10 holdings out of 30 total
50.14%
Characteristics
Compare
QASH
CTBD
| Provider | Mackenzie Investments | CIBC |
| Management | Passively managed | Actively managed |
| Benchmark | Solactive Canadian Ultra Short Bond GTR Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.51% | 1.91% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2023 | July 16, 2024 |
Frequently asked questions about QASH and CTBD
Which ETF has performed better year to date: QASH or CTBD?
As of September 2, 2026, QASH has returned 1.62% year to date, while CTBD has returned 1.34%. QASH is ahead on YTD performance.
Which ETF is larger by assets under management: QASH or CTBD?
As of September 2, 2026, QASH manages $134.79 M in assets, while CTBD manages $130.49 M. QASH is the larger fund by AUM.
How are QASH and CTBD managed?
QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark. CTBD is actively managed by CIBC. It does not track an index.
What sectors do QASH and CTBD emphasize?
QASH is most exposed to Finance, Municipal, and Energy. CTBD is most exposed to Finance, Utilities, and Telecommunications.
Which ETF is attracting more investor flows: QASH or CTBD?
Year to date, QASH has seen -$16.03 M in net flows, compared with +$67.69 M for CTBD. CTBD has attracted more net investor money so far.
How do the fees of QASH and CTBD compare?
QASH has an expense ratio of 0.17%, while CTBD has an expense ratio of 0.23%.
What are the top holdings of QASH and CTBD?
QASH's largest holdings include Montreal, 2.75% 1sep2026, CAD, Toronto, 2.4% 7jun2027, CAD, and OPB Finance Trust, 2.98% 25jan2027, CAD (F). CTBD's top holdings include Honda Canada Finance, 1.646% 25feb2028, CAD, Athene Global Funding, 2.47% 9jun2028, CAD (2021-14), and Granite REIT Holdings, 2.194% 30aug2028, CAD.
Which ETF is more diversified: QASH or CTBD?
QASH holds 43 securities, while CTBD holds 30. On holdings count, QASH is the more diversified portfolio.
Recent articles about QASH and CTBD
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