VS
Mackenzie Canadian Ultra Short Bond Index ETF (QASH) and TD Select Short Term Corporate Bond Ladder ETF (TCSB) 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 TCSB leans towards Finance, Energy, and Telecommunications. When evaluating costs, QASH features a management fee (MER) of 0.15%, compared to 0.27% for TCSB. Performance-wise, QASH has returned 1.63% year-to-date with -$15 M in net flows, whereas TCSB is at 1.12% with +$407 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
TCSB
| AuM | $135.81 M | $912.87 M |
| Management Fees | 0.15% | 0.27% |
| Exp. ratio | 0.17% | 0.28% |
| 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% | - |
TCSB | +0.03% | +0.10% | +1.12% | +2.31% | +17.59% | |
| Flows | QASH | -$10 M | -$5 M | -$15 M | +$7 M | - |
TCSB | +$33 M | +$127 M | +$407 M | +$602 M | +$867 M |
QASH vs TCSB exposure
Countries
QASH
Canada
90.18%
USA
9.82%
TCSB
Canada
88.55%
USA
10.80%
Sectors
QASH
Finance
58.46%
Municipal
36.75%
TCSB
Finance
53.43%
Energy
14.37%
Telecommunications
11.20%
Utilities
9.37%
Other
11.63%
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%
TCSB
Federation des caisses Desjardins du Quebec, FRN 15may2034, CAD
2.77%
RioCan REIT, 5.455% 1mar2031, CAD (AK)
2.58%
Royal Bank of Canada, 2.94% 3may2032, CAD (25)
2.50%
Brookfield Infrastructure Partners, 3.7% 6jan2031, CAD (15)
2.40%
Primaris REIT, 4.468% 1mar2031, CAD
2.38%
National Bank of Canada, 5.279% 15feb2034, CAD
2.25%
Bank of Nova Scotia, 5.679% 2aug2033, CAD
2.22%
National Bank of Canada, 5.426% 16aug2032, CAD
2.21%
TELUS, 4.95% 18feb2031, CAD (CAP)
2.13%
CIBC, 5.3% 16jan2034, CAD
2.11%
Diversification
QASH
Total weight of top 10 holdings out of 43 total
69.60%
TCSB
Total weight of top 10 holdings out of 115 total
23.57%
Characteristics
Compare
QASH
TCSB
| Provider | Mackenzie Investments | TD Asset Management |
| 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 | 3.75% | 3.06% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2023 | November 14, 2018 |
Frequently asked questions about QASH and TCSB
Which ETF has performed better year to date: QASH or TCSB?
As of September 1, 2026, QASH has returned 1.63% year to date, while TCSB has returned 1.12%. QASH is ahead on YTD performance.
Which ETF is larger by assets under management: QASH or TCSB?
As of September 1, 2026, QASH manages $135.81 M in assets, while TCSB manages $912.87 M. TCSB is the larger fund by AUM.
How are QASH and TCSB managed?
QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark. TCSB is actively managed by TD Asset Management. It does not track an index.
What sectors do QASH and TCSB emphasize?
QASH is most exposed to Finance, Municipal, and Energy. TCSB is most exposed to Finance, Energy, and Telecommunications.
Which ETF is attracting more investor flows: QASH or TCSB?
Year to date, QASH has seen -$15.03 M in net flows, compared with +$407.48 M for TCSB. TCSB has attracted more net investor money so far.
How do the fees of QASH and TCSB compare?
QASH has an expense ratio of 0.17%, while TCSB has an expense ratio of 0.28%.
What are the top holdings of QASH and TCSB?
QASH's largest holdings include Montreal, 2.75% 1sep2026, CAD, Toronto, 2.4% 7jun2027, CAD, and OPB Finance Trust, 2.98% 25jan2027, CAD (F). TCSB's top holdings include Federation des caisses Desjardins du Quebec, FRN 15may2034, CAD, RioCan REIT, 5.455% 1mar2031, CAD (AK), and Royal Bank of Canada, 2.94% 3may2032, CAD (25).
Which ETF is more diversified: QASH or TCSB?
QASH holds 43 securities, while TCSB holds 115. On holdings count, TCSB 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.