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Compare BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) vs Mackenzie Emerging Markets Bond Index ETF (QEBH) to find the best fit for your portfolio. ZEF provides Sovereign and Municipal exposures, while QEBH is primarily weighted in Sovereign, Energy, and Finance. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.45% for QEBH. Performance-wise, ZEF has returned 1.01% year-to-date with +$74 M in net flows, whereas QEBH is at 1.26% with +$69 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
ZEF
QEBH
| AuM | $772.86 M | $325.36 M |
| Management Fees | 0.50% | 0.45% |
| Exp. ratio | 0.55% | 0.51% |
| Tracking Difference | 0.04% | -0.24% |
Historical performance and flows
As of September 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZEF | -0.96% | -1.01% | -1.01% | +0.75% | +17.28% |
QEBH | -1.04% | -1.16% | -1.26% | +1.46% | +21.22% | |
| Flows | ZEF | -$16 M | -$16 M | +$74 M | +$132 M | +$181 M |
QEBH | +$12 M | +$16 M | +$69 M | +$77 M | +$65 M |
ZEF vs QEBH exposure
Countries
ZEF
Republic of Korea
9.82%
China
9.82%
Mexico
9.75%
Brazil
9.73%
Indonesia
9.16%
Saudi Arabia
8.41%
Other
43.32%
QEBH
Saudi Arabia
9.53%
Mexico
7.84%
Indonesia
7.75%
Other
74.88%
Sectors
ZEF
Sovereign
94.92%
QEBH
Sovereign
74.62%
Energy
9.64%
Other
15.74%
As of September 10, 2026
Top 10 Holdings
ZEF
China, 1.2% 21oct2030, USD
3.31%
Republic of Korea, 2.5% 19jun2029, USD
3.29%
Mexico, 5.5% 17aug2030, USD
3.27%
Republic of Korea, 3.875% 12feb2031, USD
3.27%
China, 3.625% 13nov2028, USD
3.27%
Brazil, 5.5% 6nov2030, USD
3.27%
Republic of Korea, 3.625% 12feb2029, USD
3.26%
Mexico, 5.375% 22mar2033, USD
3.25%
China, 3.75% 13nov2030, USD
3.24%
Brazil, 3.875% 12jun2030, USD
3.23%
QEBH
Pemex, 6.7% 16feb2032, USD (C)
1.39%
Argentina, 4.125% 9jul2035, USD
1.30%
Argentina, Bonos 4.125% 9jul2035, USD
1.19%
Argentina, 5% 9jan2038, USD
1.16%
Qatar, 5.103% 23apr2048, USD
1.11%
Ecuador, 6.9% 31jul2035, USD
1.03%
Indonesia, 4.75% 11feb2029, USD
1.01%
Indonesia, 3.55% 31mar2032, USD
0.95%
KEXIM, 1.125% 29dec2026, USD
0.90%
Turkey, 6.125% 24oct2028, USD
0.84%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
32.66%
QEBH
Total weight of top 10 holdings out of 371 total
10.89%
Characteristics
Compare
ZEF
QEBH
| Provider | BMO | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD | Solactive EM USD Govt & Govt Related Bond Select NTR Index - CAD Hedged |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.24% | 4.93% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | July 25, 2019 |
Frequently asked questions about ZEF and QEBH
Which ETF has performed better year to date: ZEF or QEBH?
As of September 10, 2026, ZEF has returned -1.01% year to date, while QEBH has returned -1.26%. ZEF is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or QEBH?
As of September 10, 2026, ZEF manages $772.86 M in assets, while QEBH manages $325.36 M. ZEF is the larger fund by AUM.
How are ZEF and QEBH managed?
ZEF is passively managed by BMO. It tracks the Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD benchmark. QEBH is passively managed by Mackenzie Investments. It tracks the Solactive EM USD Govt & Govt Related Bond Select NTR Index - CAD Hedged benchmark.
What sectors do ZEF and QEBH emphasize?
ZEF is most exposed to Sovereign and Municipal. QEBH is most exposed to Sovereign, Energy, and Finance.
Which ETF is attracting more investor flows: ZEF or QEBH?
Year to date, ZEF has seen +$74.04 M in net flows, compared with +$68.70 M for QEBH. ZEF has attracted more net investor money so far.
How do the fees of ZEF and QEBH compare?
ZEF has an expense ratio of 0.55%, while QEBH has an expense ratio of 0.51%.
What are the top holdings of ZEF and QEBH?
ZEF's largest holdings include China, 1.2% 21oct2030, USD, Republic of Korea, 2.5% 19jun2029, USD, and Mexico, 5.5% 17aug2030, USD. QEBH's top holdings include Pemex, 6.7% 16feb2032, USD (C), Argentina, 4.125% 9jul2035, USD, and Argentina, Bonos 4.125% 9jul2035, USD.
Which ETF is more diversified: ZEF or QEBH?
ZEF holds 59 securities, while QEBH holds 370. On holdings count, QEBH 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.