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Compare BMO Emerging Markets Bond Hedged to CAD Index ETF (ZEF) vs Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL) to find the best fit for your portfolio. ZEF provides Sovereign and Municipal exposures, while QEBL is primarily weighted in Sovereign, Finance, and Industrials. When evaluating costs, ZEF features a management fee (MER) of 0.5%, compared to 0.45% for QEBL. Performance-wise, ZEF has returned 1.01% year-to-date with +$74 M in net flows, whereas QEBL is at 2.76% with +$27 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
QEBL
| AuM | $772.86 M | $118.61 M |
| Management Fees | 0.50% | 0.45% |
| Exp. ratio | 0.55% | 0.55% |
| Tracking Difference | 0.04% | -0.42% |
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% |
QEBL | -0.84% | +2.54% | +2.76% | +3.73% | +34.43% | |
| Flows | ZEF | -$16 M | -$16 M | +$74 M | +$132 M | +$181 M |
QEBL | +$0 M | +$0 M | +$27 M | +$39 M | -$350 M |
ZEF vs QEBL 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%
QEBL
Republic of Korea
11.01%
China
9.17%
Brazil
8.97%
Mexico
8.78%
Thailand
8.04%
Indonesia
7.03%
Other
47.00%
Sectors
ZEF
Sovereign
94.92%
QEBL
Sovereign
84.06%
Finance
14.40%
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%
QEBL
Brazil, NTN-F 10% 1jan2029, BRL (NTN-F)
3.64%
European Investment Bank (EIB), 6.875% 28feb2035, INR (2658/0100)
2.17%
Philippines, 6.25% 14jan2036, PHP
2.07%
South Africa, Bonds 8.875% 28feb2035, ZAR (R2035)
1.82%
Thailand, LB 1.66% 17mar2030, THB
1.70%
China, Bonds 1.66% 25dec2032, CNY
1.60%
South Africa, Bonds 8.75% 31jan2044, ZAR (R2044)
1.60%
China, TB 1.63% 25oct2030, CNY
1.57%
Brazil, NTN-F 10% 1jan2031, BRL (NTN-F)
1.49%
Indonesia, FR 6.75% 15jul2035, IDR
1.47%
Diversification
ZEF
Total weight of top 10 holdings out of 59 total
32.66%
QEBL
Total weight of top 10 holdings out of 244 total
19.14%
Characteristics
Compare
ZEF
QEBL
| 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 Local Currency Government Bond Select NTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.24% | 4.92% |
| Meets ESG criteria | No | No |
| Inception Date | May 21, 2010 | October 24, 2019 |
Frequently asked questions about ZEF and QEBL
Which ETF has performed better year to date: ZEF or QEBL?
As of September 10, 2026, ZEF has returned -1.01% year to date, while QEBL has returned 2.76%. QEBL is ahead on YTD performance.
Which ETF is larger by assets under management: ZEF or QEBL?
As of September 10, 2026, ZEF manages $772.86 M in assets, while QEBL manages $118.61 M. ZEF is the larger fund by AUM.
How are ZEF and QEBL 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. QEBL is passively managed by Mackenzie Investments. It tracks the Solactive EM Local Currency Government Bond Select NTR Index - CAD benchmark.
What sectors do ZEF and QEBL emphasize?
ZEF is most exposed to Sovereign and Municipal. QEBL is most exposed to Sovereign, Finance, and Industrials.
Which ETF is attracting more investor flows: ZEF or QEBL?
Year to date, ZEF has seen +$74.04 M in net flows, compared with +$26.85 M for QEBL. ZEF has attracted more net investor money so far.
How do the fees of ZEF and QEBL compare?
ZEF has an expense ratio of 0.55%, while QEBL has an expense ratio of 0.55%.
What are the top holdings of ZEF and QEBL?
ZEF's largest holdings include China, 1.2% 21oct2030, USD, Republic of Korea, 2.5% 19jun2029, USD, and Mexico, 5.5% 17aug2030, USD. QEBL's top holdings include Brazil, NTN-F 10% 1jan2029, BRL (NTN-F), European Investment Bank (EIB), 6.875% 28feb2035, INR (2658/0100), and Philippines, 6.25% 14jan2036, PHP.
Which ETF is more diversified: ZEF or QEBL?
ZEF holds 59 securities, while QEBL holds 244. On holdings count, QEBL is the more diversified portfolio.
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