VS
TD Target 2028 Investment Grade Bond ETF (TBCH) and Global X Short-Term Government Bond Premium Yield ETF (PAYS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that TBCH focuses its top 3 sector exposures on Finance, Telecommunications, and Utilities, while PAYS leans towards Sovereign, Government Agencies, and Non-Corporate. When evaluating costs, TBCH features a management fee (MER) of 0.2%, compared to 0.4% for PAYS. Performance-wise, TBCH has returned 0.94% year-to-date with +$50 M in net flows, whereas PAYS is at 0.57% with +$21 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
TBCH
PAYS
| AuM | $112.42 M | $100.51 M |
| Management Fees | 0.20% | 0.40% |
| Exp. ratio | 0.22% | 0.52% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TBCH | -0.27% | -0.10% | +0.94% | +1.47% | - |
PAYS | -0.21% | -0.39% | +0.57% | +0.82% | - | |
| Flows | TBCH | +$20 M | +$37 M | +$50 M | +$66 M | - |
PAYS | -$6 M | -$7 M | +$21 M | +$11 M | - |
TBCH vs PAYS exposure
Countries
TBCH
Canada
69.26%
USA
30.39%
PAYS
Canada
79.28%
USA
12.21%
Other
8.51%
Sectors
TBCH
Finance
55.39%
Telecommunications
15.68%
Utilities
12.05%
Industrials
8.09%
Other
8.79%
PAYS
Sovereign
87.78%
Other
8.51%
As of September 11, 2026
Top 10 Holdings
TBCH
Sun Life Financial, 2.8% 21nov2033, CAD (2021-2)
7.01%
Royal Bank of Canada, 1.67% 28jan2033, CAD (23)
6.90%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
6.88%
Athene Global Funding, 2.47% 9jun2028, CAD (2021-14)
6.55%
Fortis Inc, 2.18% 15may2028, CAD
6.55%
Goldman Sachs, 2.013% 28feb2029, CAD
6.55%
New York Life Global Funding, 2% 17apr2028, CAD (2021-6)
6.48%
MetLife Global Funding I, 1.95% 20mar2028, CAD (2021-6)
6.47%
Bell Canada, 2.2% 29may2028, CAD (M-56)
6.23%
Granite REIT Holdings, 2.194% 30aug2028, CAD
6.18%
PAYS
Canada, Bills 0% 9nov2023, CAD (364D)
64.93%
CA37893H2037
6.44%
CA37966J2011
1.87%
Canada, Bonds 2.75% 1sep2030, CAD
1.54%
Canada, Bonds 3.25% 1sep2028, CAD
1.26%
Canada, Bonds 2.75% 1mar2031, CAD
1.23%
Canada, Bonds 4% 1mar2029, CAD
1.17%
Canada, Bonds 2.75% 1mar2030, CAD
1.13%
Canada, Bonds 3.5% 1sep2029, CAD
1.05%
Canada, Bond 1.25 1jun2030 10Y
0.87%
Diversification
TBCH
Total weight of top 10 holdings out of 25 total
65.81%
PAYS
Total weight of top 10 holdings out of 74 total
81.50%
Characteristics
Compare
TBCH
PAYS
| Provider | TD Asset Management | Global X |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.78% | 5.45% |
| Meets ESG criteria | No | No |
| Inception Date | January 14, 2025 | May 21, 2024 |
Frequently asked questions about TBCH and PAYS
Which ETF has performed better year to date: TBCH or PAYS?
As of September 11, 2026, TBCH has returned 0.94% year to date, while PAYS has returned 0.57%. TBCH is ahead on YTD performance.
Which ETF is larger by assets under management: TBCH or PAYS?
As of September 11, 2026, TBCH manages $112.42 M in assets, while PAYS manages $100.51 M. TBCH is the larger fund by AUM.
How are TBCH and PAYS managed?
TBCH is actively managed by TD Asset Management. It does not track an index. PAYS is actively managed by Global X. It does not track an index.
What sectors do TBCH and PAYS emphasize?
TBCH is most exposed to Finance, Telecommunications, and Utilities. PAYS is most exposed to Sovereign, Government Agencies, and Non-Corporate.
Which ETF is attracting more investor flows: TBCH or PAYS?
Year to date, TBCH has seen +$50.37 M in net flows, compared with +$20.86 M for PAYS. TBCH has attracted more net investor money so far.
How do the fees of TBCH and PAYS compare?
TBCH has an expense ratio of 0.22%, while PAYS has an expense ratio of 0.52%.
What are the top holdings of TBCH and PAYS?
TBCH's largest holdings include Sun Life Financial, 2.8% 21nov2033, CAD (2021-2), Royal Bank of Canada, 1.67% 28jan2033, CAD (23), and Toronto-Dominion Bank, 1.896% 11sep2028, CAD. PAYS's top holdings include Canada, Bills 0% 9nov2023, CAD (364D) and Canada, Bonds 2.75% 1sep2030, CAD.
Which ETF is more diversified: TBCH or PAYS?
TBCH holds 25 securities, while PAYS holds 73. On holdings count, PAYS is the more diversified portfolio.
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