VS
BMO Ultra Short-Term Bond ETF (ZST) and Manulife Smart Corporate Bond ETF (CBND) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZST focuses its top 3 sector exposures on Finance, Utilities, and Energy, while CBND leans towards Finance, Municipal, and Utilities. When evaluating costs, ZST features a management fee (MER) of 0.15%, compared to 0.24% for CBND. Performance-wise, ZST has returned 1.72% year-to-date with -$633 M in net flows, whereas CBND is at 0.6% with +$116 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
ZST
CBND
| AuM | $3,473.33 M | $330.19 M |
| Management Fees | 0.15% | 0.24% |
| Exp. ratio | 0.17% | 0.27% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZST | +0.18% | +0.65% | +1.72% | +2.68% | +12.55% |
CBND | -0.93% | -1.20% | +0.60% | +1.99% | +18.84% | |
| Flows | ZST | -$27 M | -$52 M | -$633 M | -$1,167 M | +$2,372 M |
CBND | +$21 M | +$68 M | +$116 M | +$133 M | +$257 M |
ZST vs CBND exposure
Countries
ZST
Canada
91.33%
Other
8.67%
CBND
Canada
94.43%
Sectors
ZST
Finance
63.91%
Utilities
9.70%
Energy
8.99%
Other
17.40%
CBND
Finance
36.79%
Municipal
35.12%
Utilities
8.67%
Other
19.42%
As of September 3, 2026
Top 10 Holdings
ZST
Bank of Nova Scotia, 1.85% 2nov2026, CAD
9.85%
North West Redwater Partnership, 2.8% 1jun2027, CAD (J)
6.76%
Royal Bank of Canada, 2.14% 3nov2031, CAD (24)
6.59%
Alectra, 2.488% 17may2027, CAD (A)
6.17%
Sun Life Financial, 2.58% 10may2032, CAD (2020-1)
5.78%
Sun Life Financial, 2.46% 18nov2031, CAD (2021-1)
4.05%
Ventas, 2.45% 4jan2027, CAD (G)
3.93%
Toronto-Dominion Bank, 2.26% 7jan2027, CAD
3.72%
CIBC, 2.25% 7jan2027, CAD (7449)
3.62%
Mercedes-Benz Group, 2.46% 15dec2026, CAD
2.99%
CBND
Province of Quebec, 4.45% 1sep2034, CAD (B136)
2.82%
Province of Ontario, 3.8% 2dec2034, CAD (DMTN266)
2.23%
PSP Capital, 4.15% 1jun2033, CAD (G-11)
2.14%
Hydro-Quebec, 2.1% 15feb2060, CAD (JR)
2.00%
Province of Ontario, 3.6% 2jun2035, CAD
1.82%
Brookfield Infrastructure Finance ULC, 5.616% 14nov2027, CAD (11)
1.81%
CDP Financial, 3.7% 8mar2028, CAD (13)
1.64%
CPPIB Capital, 4% 2jun2035, CAD (72)
1.38%
Canada Pension Plan Investment Board, 3% 15jun2028, CAD (8)
1.37%
Province of Ontario, 2.95% 8sep2030, CAD
1.32%
Diversification
ZST
Total weight of top 10 holdings out of 49 total
53.45%
CBND
Total weight of top 10 holdings out of 184 total
18.52%
Characteristics
Compare
ZST
CBND
| Provider | BMO | Manulife Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | ||
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.50% | 3.54% |
| Meets ESG criteria | No | No |
| Inception Date | February 3, 2011 | November 10, 2020 |
Frequently asked questions about ZST and CBND
Which ETF has performed better year to date: ZST or CBND?
As of September 3, 2026, ZST has returned 1.72% year to date, while CBND has returned 0.60%. ZST is ahead on YTD performance.
Which ETF is larger by assets under management: ZST or CBND?
As of September 3, 2026, ZST manages $3.47 B in assets, while CBND manages $330.19 M. ZST is the larger fund by AUM.
How are ZST and CBND managed?
ZST is actively managed by BMO. It does not track an index. CBND is actively managed by Manulife Investments. It does not track an index.
What sectors do ZST and CBND emphasize?
ZST is most exposed to Finance, Utilities, and Energy. CBND is most exposed to Finance, Municipal, and Utilities.
Which ETF is attracting more investor flows: ZST or CBND?
Year to date, ZST has seen -$633.15 M in net flows, compared with +$116.45 M for CBND. CBND has attracted more net investor money so far.
How do the fees of ZST and CBND compare?
ZST has an expense ratio of 0.17%, while CBND has an expense ratio of 0.27%.
What are the top holdings of ZST and CBND?
ZST's largest holdings include Bank of Nova Scotia, 1.85% 2nov2026, CAD, North West Redwater Partnership, 2.8% 1jun2027, CAD (J), and Royal Bank of Canada, 2.14% 3nov2031, CAD (24). CBND's top holdings include Province of Quebec, 4.45% 1sep2034, CAD (B136), Province of Ontario, 3.8% 2dec2034, CAD (DMTN266), and PSP Capital, 4.15% 1jun2033, CAD (G-11).
Which ETF is more diversified: ZST or CBND?
ZST holds 49 securities, while CBND holds 184. On holdings count, CBND is the more diversified portfolio.
Recent articles about ZST and CBND
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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.