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Compare Mackenzie Emerging Markets Bond Index ETF (QEBH) vs BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) to find the best fit for your portfolio. QEBH provides Sovereign, Energy, and Finance exposures, while ZEF is primarily weighted in Sovereign and Municipal. When evaluating costs, QEBH features a management fee (MER) of 0.45%, compared to 0.5% for ZEF. Performance-wise, QEBH has returned 0.42% year-to-date with +$57 M in net flows, whereas ZEF is at 0.2% with +$91 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
QEBH
ZEF
| AuM | $317.72 M | $801.52 M |
| Management Fees | 0.45% | 0.50% |
| Exp. ratio | 0.51% | 0.55% |
| Tracking Difference | -0.37% | 0.11% |
Historical performance and flows
As of August 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QEBH | +0.35% | +0.37% | -0.42% | +3.21% | +22.07% |
ZEF | +0.59% | +0.67% | +0.20% | +2.77% | +18.92% | |
| Flows | QEBH | +$0 M | +$8 M | +$57 M | +$65 M | +$50 M |
ZEF | +$0 M | -$1 M | +$91 M | +$151 M | +$196 M |
QEBH vs ZEF exposure
Countries
QEBH
Saudi Arabia
9.53%
Mexico
7.84%
Indonesia
7.75%
Other
74.88%
ZEF
Republic of Korea
9.82%
China
9.82%
Mexico
9.75%
Brazil
9.73%
Indonesia
9.16%
Saudi Arabia
8.41%
Other
43.32%
Sectors
QEBH
Sovereign
74.62%
Energy
9.64%
Other
15.74%
ZEF
Sovereign
94.92%
As of August 24, 2026
Top 10 Holdings
QEBH
Pemex, 6.7% 16feb2032, USD (C)
1.39%
Argentina, 4.125% 9jul2035, USD
1.30%
Argentina, Bonos 4.125% 9jul2035, USD
1.19%
Argentina, 5% 9jan2038, USD
1.16%
Qatar, 5.103% 23apr2048, USD
1.11%
Ecuador, 6.9% 31jul2035, USD
1.03%
Indonesia, 4.75% 11feb2029, USD
1.01%
Indonesia, 3.55% 31mar2032, USD
0.95%
KEXIM, 1.125% 29dec2026, USD
0.90%
Turkey, 6.125% 24oct2028, USD
0.84%
ZEF
China, 1.2% 21oct2030, USD
3.31%
Republic of Korea, 2.5% 19jun2029, USD
3.29%
Mexico, 5.5% 17aug2030, USD
3.27%
Republic of Korea, 3.875% 12feb2031, USD
3.27%
China, 3.625% 13nov2028, USD
3.27%
Brazil, 5.5% 6nov2030, USD
3.27%
Republic of Korea, 3.625% 12feb2029, USD
3.26%
Mexico, 5.375% 22mar2033, USD
3.25%
China, 3.75% 13nov2030, USD
3.24%
Brazil, 3.875% 12jun2030, USD
3.23%
Diversification
QEBH
Total weight of top 10 holdings out of 371 total
10.89%
ZEF
Total weight of top 10 holdings out of 59 total
32.66%
Characteristics
Compare
QEBH
ZEF
| Provider | Mackenzie Investments | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive EM USD Govt & Govt Related Bond Select NTR Index - CAD Hedged | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.87% | 4.20% |
| Meets ESG criteria | No | No |
| Inception Date | July 25, 2019 | May 21, 2010 |
Frequently asked questions about QEBH and ZEF
Which ETF has performed better year to date: QEBH or ZEF?
As of August 24, 2026, QEBH has returned -0.42% year to date, while ZEF has returned 0.20%. ZEF is ahead on YTD performance.
Which ETF is larger by assets under management: QEBH or ZEF?
As of August 24, 2026, QEBH manages $317.72 M in assets, while ZEF manages $801.52 M. ZEF is the larger fund by AUM.
How are QEBH and ZEF managed?
QEBH is passively managed by Mackenzie Investments. It tracks the Solactive EM USD Govt & Govt Related Bond Select NTR Index - CAD Hedged benchmark. ZEF is passively managed by BMO. It tracks the Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD benchmark.
What sectors do QEBH and ZEF emphasize?
QEBH is most exposed to Sovereign, Energy, and Finance. ZEF is most exposed to Sovereign and Municipal.
Which ETF is attracting more investor flows: QEBH or ZEF?
Year to date, QEBH has seen +$56.91 M in net flows, compared with +$90.51 M for ZEF. ZEF has attracted more net investor money so far.
How do the fees of QEBH and ZEF compare?
QEBH has an expense ratio of 0.51%, while ZEF has an expense ratio of 0.55%.
What are the top holdings of QEBH and ZEF?
QEBH's largest holdings include Pemex, 6.7% 16feb2032, USD (C), Argentina, 4.125% 9jul2035, USD, and Argentina, Bonos 4.125% 9jul2035, USD. ZEF's top holdings include China, 1.2% 21oct2030, USD, Republic of Korea, 2.5% 19jun2029, USD, and Mexico, 5.5% 17aug2030, USD.
Which ETF is more diversified: QEBH or ZEF?
QEBH holds 370 securities, while ZEF holds 59. On holdings count, QEBH is the more diversified portfolio.
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