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iShares Global Government Bond Index ETF (XGGB) and BMO Ultra Short-Term US Bond ETF (ZUS.U) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XGGB focuses its top 3 sector exposures on Sovereign, while ZUS.U leans towards Finance, Technology, and Healthcare. When evaluating costs, XGGB features a management fee (MER) of 0.2%, compared to 0.15% for ZUS.U. Performance-wise, XGGB has returned 2.13% year-to-date with -$87 M in net flows, whereas ZUS.U is at 2.62% with +$16 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
XGGB
ZUS.U
| AuM | $425.34 M | $91.97 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.22% | 0.17% |
| Tracking Difference | -0.17% | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XGGB | -1.24% | -1.71% | -2.13% | -2.15% | +5.50% |
ZUS.U | +0.30% | +0.95% | +2.62% | +3.93% | +15.29% | |
| Flows | XGGB | +$41 M | -$6 M | -$87 M | +$62 M | +$146 M |
ZUS.U | +$1 M | +$8 M | +$16 M | +$24 M | +$66 M |
XGGB vs ZUS.U exposure
Countries
XGGB
USA
40.80%
China
11.68%
Japan
8.21%
Other
39.31%
ZUS.U
USA
76.75%
Other
23.25%
Sectors
XGGB
Sovereign
98.89%
ZUS.U
Finance
67.79%
Technology
13.74%
Healthcare
8.19%
Other
10.28%
As of September 11, 2026
Top 10 Holdings
XGGB
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.56%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.53%
USA, Notes 3.875% 15aug2034, USD (E-2034)
0.52%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.51%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.50%
China, TB 1.79% 25mar2032, CNY
0.42%
USA, Notes 2.875% 15may2032, USD (C-2032)
0.40%
USA, Notes 3.5% 31jan2028, USD (U-2028)
0.37%
China, TB 1.44% 15sep2027, CNY
0.37%
USA, Notes 3.375% 31dec2027, USD (BM-2027)
0.37%
ZUS.U
U.S. Bancorp, 2.215% 27jan2028, USD (AA)
5.13%
Sumisho Air Lease Corp, 1.875% 15aug2026, USD (A)
5.04%
Charles Schwab, 2.45% 3mar2027, USD
4.94%
American Express Co, 2.55% 4mar2027, USD
4.32%
Deutsche Bank (New York Branch), 2.311% 16nov2027, USD (D)
4.30%
Capital One Financial, 1.878% 2nov2027, USD
3.39%
Goldman Sachs, 1.948% 21oct2027, USD
3.37%
Microsoft, 3.3% 6feb2027, USD
3.16%
Santander Holdings USA, 2.49% 6jan2028, USD
2.72%
Apple, 2.05% 11sep2026, USD
2.65%
Diversification
XGGB
Total weight of top 10 holdings out of 1,170 total
4.56%
ZUS.U
Total weight of top 10 holdings out of 60 total
39.00%
Characteristics
Compare
XGGB
ZUS.U
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE World Government Bond Index Currency-hedged in CAD - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.86% | 4.18% |
| Meets ESG criteria | No | No |
| Inception Date | September 21, 2017 | February 15, 2019 |
Frequently asked questions about XGGB and ZUS.U
Which ETF has performed better year to date: XGGB or ZUS.U?
As of September 11, 2026, XGGB has returned -2.13% year to date, while ZUS.U has returned 2.62%. ZUS.U is ahead on YTD performance.
Which ETF is larger by assets under management: XGGB or ZUS.U?
As of September 11, 2026, XGGB manages $425.34 M in assets, while ZUS.U manages $91.97 M. XGGB is the larger fund by AUM.
How are XGGB and ZUS.U managed?
XGGB is passively managed by iShares. It tracks the FTSE World Government Bond Index Currency-hedged in CAD - CAD benchmark. ZUS.U is actively managed by BMO. It does not track an index.
What sectors do XGGB and ZUS.U emphasize?
XGGB is most exposed to Sovereign. ZUS.U is most exposed to Finance, Technology, and Healthcare.
Which ETF is attracting more investor flows: XGGB or ZUS.U?
Year to date, XGGB has seen -$86.93 M in net flows, compared with +$15.90 M for ZUS.U. ZUS.U has attracted more net investor money so far.
How do the fees of XGGB and ZUS.U compare?
XGGB has an expense ratio of 0.22%, while ZUS.U has an expense ratio of 0.17%.
What are the top holdings of XGGB and ZUS.U?
XGGB's largest holdings include USA, Notes 4.25% 15nov2034, USD (F-2034), USA, Notes 4.375% 15may2034, USD (C-2034), and USA, Notes 3.875% 15aug2034, USD (E-2034). ZUS.U's top holdings include U.S. Bancorp, 2.215% 27jan2028, USD (AA), Sumisho Air Lease Corp, 1.875% 15aug2026, USD (A), and Charles Schwab, 2.45% 3mar2027, USD.
Which ETF is more diversified: XGGB or ZUS.U?
XGGB holds 1161 securities, while ZUS.U holds 60. On holdings count, XGGB is the more diversified portfolio.
Recent articles about XGGB and ZUS.U
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