VS
Manulife Smart Short Term Bond ETF (TERM) and Vanguard Canadian Short-Term Bond Index ETF (VSB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that TERM focuses its top 3 sector exposures on Finance, Energy, and Utilities, while VSB leans towards Sovereign, Finance, and Municipal. When evaluating costs, TERM features a management fee (MER) of 0.2%, compared to 0.1% for VSB. Performance-wise, TERM has returned 1.75% year-to-date with +$579 M in net flows, whereas VSB is at 1.4% with +$508 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
TERM
VSB
| AuM | $1,020.74 M | $1,844.63 M |
| Management Fees | 0.20% | 0.10% |
| Exp. ratio | 0.22% | 0.12% |
| Tracking Difference | - | -0.38% |
Historical performance and flows
As of November 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TERM | +0.28% | +0.40% | +1.75% | +1.85% | +17.34% |
VSB | +0.41% | +0.44% | +1.40% | +1.35% | +15.64% | |
| Flows | TERM | +$71 M | +$175 M | +$579 M | +$624 M | +$766 M |
VSB | -$134 M | +$234 M | +$508 M | +$458 M | +$758 M |
TERM vs VSB exposure
Countries
TERM
Canada
87.79%
Other
12.21%
VSB
Canada
92.59%
Other
7.41%
Sectors
TERM
Finance
60.28%
Energy
14.81%
Utilities
7.08%
Other
17.83%
VSB
Sovereign
38.01%
Finance
22.46%
Municipal
15.41%
Government Agencies
9.79%
Other
14.33%
As of November 11, 2026
Top 10 Holdings
TERM
Athene Global Funding, 4.091% 23may2030, CAD (2025-15)
2.72%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
2.45%
Federation des caisses Desjardins du Quebec, 5.467% 17nov2028, CAD
1.62%
Manulife Financial Corporation, 5.409% 10mar2033, CAD
1.57%
BNP Paribas, 4.487% 3sep2035, CAD (20382)
1.52%
Keyera, 3.702% 15oct2030, CAD (5)
1.44%
Amazon.com, 3.7% 12jun2031, CAD
1.40%
iA Financial Corporation, 5.685% 20jun2033, CAD
1.38%
Toyota Credit Canada, 3.74% 21may2030, CAD (93)
1.29%
Magna International, 4.8% 30may2029, CAD
1.26%
VSB
Canada, Bonds 3% 1sep2031, CAD
3.44%
Canada, Bonds 2.75% 1sep2030, CAD
3.44%
Canada, Bonds 2.75% 1mar2031, CAD
3.40%
Canada, Bonds 2.75% 1mar2030, CAD
2.87%
Canada, Bonds 2.5% 1may2028, CAD
2.47%
Canada, Bonds 2.75% 1aug2028, CAD
2.40%
Canada, Bonds 2.5% 1nov2027, CAD
2.30%
Canada, Bonds 2.25% 1feb2028, CAD
2.24%
Canada, Bonds 4% 1mar2029, CAD
2.19%
Canada, Bond 1.25 1jun2030 10Y
2.19%
Diversification
TERM
Total weight of top 10 holdings out of 192 total
16.65%
VSB
Total weight of top 10 holdings out of 583 total
26.95%
Characteristics
Compare
TERM
VSB
| Provider | Manulife Investments | Vanguard |
| Management | Actively managed | Passively managed |
| Benchmark | - | Bloomberg Global Aggregate Canadian Government/Credit 1-5 Year Float Adjusted Bond Total Return Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.71% | 2.99% |
| Meets ESG criteria | No | No |
| Inception Date | November 10, 2020 | November 30, 2011 |
Frequently asked questions about TERM and VSB
Which ETF has performed better year to date: TERM or VSB?
As of November 11, 2026, TERM has returned 1.75% year to date, while VSB has returned 1.40%. TERM is ahead on YTD performance.
Which ETF is larger by assets under management: TERM or VSB?
As of November 11, 2026, TERM manages $1.02 B in assets, while VSB manages $1.84 B. VSB is the larger fund by AUM.
How are TERM and VSB managed?
TERM is actively managed by Manulife Investments. It does not track an index. VSB is passively managed by Vanguard. It tracks the Bloomberg Global Aggregate Canadian Government/Credit 1-5 Year Float Adjusted Bond Total Return Index - CAD benchmark.
What sectors do TERM and VSB emphasize?
TERM is most exposed to Finance, Energy, and Utilities. VSB is most exposed to Sovereign, Finance, and Municipal.
Which ETF is attracting more investor flows: TERM or VSB?
Year to date, TERM has seen +$579.16 M in net flows, compared with +$507.76 M for VSB. TERM has attracted more net investor money so far.
How do the fees of TERM and VSB compare?
TERM has an expense ratio of 0.22%, while VSB has an expense ratio of 0.12%.
What are the top holdings of TERM and VSB?
TERM's largest holdings include Athene Global Funding, 4.091% 23may2030, CAD (2025-15) and Royal Bank of Canada, 4.829% 8aug2034, CAD (28). VSB's top holdings include Canada, Bonds 3% 1sep2031, CAD, Canada, Bonds 2.75% 1sep2030, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: TERM or VSB?
TERM holds 186 securities, while VSB holds 562. On holdings count, VSB is the more diversified portfolio.
Recent articles about TERM and VSB
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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.