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Compare Mackenzie U.S. Aggregate Bond Index ETF (QUB) vs BMO US Aggregate Bond Index ETF (ZUAG) to find the best fit for your portfolio. QUB and ZUAG provide the same top sector exposures: Sovereign, Finance, and Industrials. When evaluating costs, QUB features a management fee (MER) of 0.15%, compared to 0.09% for ZUAG. Performance-wise, QUB has returned 3.67% year-to-date with +$33 M in net flows, whereas ZUAG is at 1.49% with +$7 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
QUB
ZUAG
| AuM | $124.04 M | $12.88 M |
| Management Fees | 0.15% | 0.09% |
| Exp. ratio | 0.17% | 0.09% |
| Tracking Difference | -0.09% | 0.22% |
Historical performance and flows
As of October 15, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QUB | -0.71% | -2.81% | -3.67% | -3.99% | +8.36% |
ZUAG | +1.00% | -1.13% | +1.49% | -1.01% | +19.19% | |
| Flows | QUB | +$3 M | +$3 M | +$33 M | +$50 M | +$100 M |
ZUAG | +$0 M | +$5 M | +$7 M | +$9 M | +$10 M |
QUB vs ZUAG exposure
Countries
QUB
USA
79.23%
Other
12.43%
Other
8.34%
ZUAG
USA
74.63%
Other
18.41%
Sectors
QUB
Sovereign
47.82%
Finance
19.86%
Other
12.43%
Industrials
7.22%
Other
12.67%
ZUAG
Sovereign
47.77%
Other
18.41%
Finance
10.60%
Other
23.22%
As of October 15, 2026
Top 10 Holdings
QUB
USA, Bonds 5.5% 15aug2028, USD
4.15%
USA, Notes 4% 28feb2030, USD (H-2030)
3.78%
USA, Notes 3.75% 31dec2030, USD (T-2030)
3.77%
USA, Notes 4.5% 15nov2033, USD (F-2033)
2.95%
USA, Notes 1.25% 31may2028, USD (L-2028)
2.87%
USA, Notes 0.875% 15nov2030, USD (F-2030)
2.25%
Massmutual Global Funding II, 4.95% 10jan2030, USD (2025-1)
1.92%
USA, Notes 3.5% 28feb2031, USD (V-2031)
1.79%
Ontario Teachers Pension Plan (OTPP), 2% 16apr2031, USD (1)
1.72%
USA, Notes 0.625% 15aug2030, USD (E-2030)
1.70%
ZUAG
BlackRock Cash Funds - Institutional
1.93%
USA, Notes 4.625% 15feb2035, USD (B-2035)
0.40%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.39%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.39%
USA, Notes 3.875% 15aug2034, USD (E-2034)
0.38%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.38%
USA, Notes 4% 15feb2034, USD (B-2034)
0.38%
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.38%
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.38%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.38%
Diversification
QUB
Total weight of top 10 holdings out of 552 total
26.89%
ZUAG
Total weight of top 10 holdings out of 14,372 total
5.38%
Characteristics
Compare
QUB
ZUAG
| Provider | Mackenzie Investments | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive US Aggregate Bond Index - CAD Hedged | Bloomberg US Aggregate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.38% | 2.78% |
| Meets ESG criteria | No | No |
| Inception Date | September 24, 2020 | January 23, 2023 |
Frequently asked questions about QUB and ZUAG
Which ETF has performed better year to date: QUB or ZUAG?
As of October 15, 2026, QUB has returned -3.67% year to date, while ZUAG has returned 1.49%. ZUAG is ahead on YTD performance.
Which ETF is larger by assets under management: QUB or ZUAG?
As of October 15, 2026, QUB manages $124.04 M in assets, while ZUAG manages $12.88 M. QUB is the larger fund by AUM.
How are QUB and ZUAG managed?
QUB is passively managed by Mackenzie Investments. It tracks the Solactive US Aggregate Bond Index - CAD Hedged benchmark. ZUAG is passively managed by BMO. It tracks the Bloomberg US Aggregate Bond Index - CAD benchmark.
What sectors do QUB and ZUAG emphasize?
QUB is most exposed to Sovereign, Finance, and Industrials. ZUAG is most exposed to Sovereign, Finance, and Industrials.
Which ETF is attracting more investor flows: QUB or ZUAG?
Year to date, QUB has seen +$33.20 M in net flows, compared with +$7.29 M for ZUAG. QUB has attracted more net investor money so far.
How do the fees of QUB and ZUAG compare?
QUB has an expense ratio of 0.17%, while ZUAG has an expense ratio of 0.09%.
What are the top holdings of QUB and ZUAG?
QUB's largest holdings include USA, Bonds 5.5% 15aug2028, USD and USA, Notes 4% 28feb2030, USD (H-2030). ZUAG's top holdings include BlackRock Cash Funds - Institutional and USA, Notes 4.625% 15feb2035, USD (B-2035).
Which ETF is more diversified: QUB or ZUAG?
QUB holds 510 securities, while ZUAG holds 6196. On holdings count, ZUAG is the more diversified portfolio.
Recent articles about QUB and ZUAG
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