VS
Mackenzie Canadian Short-Term Bond Index ETF (QSB) and BMO Short Corporate Bond Index ETF (ZCS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that QSB focuses its top 3 sector exposures on Sovereign, Finance, and Municipal, while ZCS leans towards Finance, Energy, and Utilities. When evaluating costs, QSB features a management fee (MER) of 0.08%, compared to 0.1% for ZCS. Performance-wise, QSB has returned 0.94% year-to-date with +$6 M in net flows, whereas ZCS is at 1.41% with +$369 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
QSB
ZCS
| AuM | $55.34 M | $4,640.01 M |
| Management Fees | 0.08% | 0.10% |
| Exp. ratio | 0.09% | 0.11% |
| Tracking Difference | 0.06% | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QSB | -0.40% | -0.06% | +0.94% | +1.97% | +14.81% |
ZCS | -0.23% | +0.12% | +1.41% | +2.72% | +18.81% | |
| Flows | QSB | +$10 M | +$4 M | +$6 M | +$10 M | -$92 M |
ZCS | -$109 M | +$315 M | +$369 M | +$295 M | +$3,238 M |
QSB vs ZCS exposure
Countries
QSB
Canada
96.49%
ZCS
Canada
97.13%
Sectors
QSB
Sovereign
27.52%
Finance
26.83%
Municipal
18.24%
Government Agencies
14.32%
Other
13.10%
ZCS
Finance
65.66%
Energy
13.19%
Other
21.15%
As of September 3, 2026
Top 10 Holdings
QSB
Canada, Bond 1.25 1jun2030 10Y
6.62%
Canada, Bonds 2.75% 1mar2031, CAD
3.87%
Canada, Bonds 3.5% 1sep2029, CAD
3.35%
Canada Housing Trust, 3.1% 15jun2028, CAD (113)
2.75%
Canada, Bond 1.5 1jun2031 10Y
2.69%
Canada, Bonds 4% 1mar2029, CAD
2.49%
Canada Housing Trust, 2.85% 15dec2030, CAD (129)
2.30%
CMHC, 1.75% 15jun2030, CAD (92)
2.27%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
1.92%
CMHC, 3.2% 15jun2031, CAD (132)
1.81%
ZCS
Bank of Montreal, 3.19% 1mar2028, CAD
6.51%
Toronto-Dominion Bank, 4.477% 18jan2028, CAD
5.14%
Royal Bank of Canada, 3.985% 22jul2031, CAD
5.09%
CIBC, 3.8% 10dec2030, CAD
4.34%
Royal Bank of Canada, 4.14% 5may2036, CAD (31)
4.32%
Toronto-Dominion Bank, 3.605% 10sep2031, CAD
4.29%
TransCanada PipeLines, 5.277% 15jul2030, CAD
3.79%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
3.71%
Royal Bank of Canada, 4.632% 1may2028, CAD
3.69%
RBC Capital Markets, 4% 17oct2030, CAD
3.64%
Diversification
QSB
Total weight of top 10 holdings out of 217 total
30.08%
ZCS
Total weight of top 10 holdings out of 46 total
44.53%
Characteristics
Compare
QSB
ZCS
| Provider | Mackenzie Investments | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive Canadian Select Short Term Bond Index - CAD | FTSE TMX Canada Short Term Corporate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.85% | 4.01% |
| Meets ESG criteria | No | No |
| Inception Date | January 29, 2018 | October 20, 2009 |
Frequently asked questions about QSB and ZCS
Which ETF has performed better year to date: QSB or ZCS?
As of September 3, 2026, QSB has returned 0.94% year to date, while ZCS has returned 1.41%. ZCS is ahead on YTD performance.
Which ETF is larger by assets under management: QSB or ZCS?
As of September 3, 2026, QSB manages $55.34 M in assets, while ZCS manages $4.64 B. ZCS is the larger fund by AUM.
How are QSB and ZCS managed?
QSB is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Select Short Term Bond Index - CAD benchmark. ZCS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Corporate Bond Index - CAD benchmark.
What sectors do QSB and ZCS emphasize?
QSB is most exposed to Sovereign, Finance, and Municipal. ZCS is most exposed to Finance, Energy, and Utilities.
Which ETF is attracting more investor flows: QSB or ZCS?
Year to date, QSB has seen +$6.02 M in net flows, compared with +$369.10 M for ZCS. ZCS has attracted more net investor money so far.
How do the fees of QSB and ZCS compare?
QSB has an expense ratio of 0.09%, while ZCS has an expense ratio of 0.11%.
What are the top holdings of QSB and ZCS?
QSB's largest holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.5% 1sep2029, CAD. ZCS's top holdings include Bank of Montreal, 3.19% 1mar2028, CAD, Toronto-Dominion Bank, 4.477% 18jan2028, CAD, and Royal Bank of Canada, 3.985% 22jul2031, CAD.
Which ETF is more diversified: QSB or ZCS?
QSB holds 217 securities, while ZCS holds 46. On holdings count, QSB 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.