VS
BMO Ultra Short-Term Bond ETF (ZST) and BMO Corporate Bond Index ETF (ZCB) 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 ZCB leans towards Finance, Energy, and Industrials. When evaluating costs, ZST features a management fee (MER) of 0.15%, compared to 0.15% for ZCB. Performance-wise, ZST has returned 1.73% year-to-date with -$657 M in net flows, whereas ZCB is at 0.65% with +$454 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
ZCB
| AuM | $3,450.07 M | $2,127.64 M |
| Management Fees | 0.15% | 0.15% |
| Exp. ratio | 0.17% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZST | +0.19% | +0.67% | +1.73% | +2.71% | +12.54% |
ZCB | -0.75% | -1.01% | +0.65% | +2.83% | +17.96% | |
| Flows | ZST | -$51 M | -$80 M | -$657 M | -$1,190 M | +$2,349 M |
ZCB | +$143 M | +$263 M | +$454 M | +$2,003 M | +$2,059 M |
ZST vs ZCB exposure
Countries
ZST
Canada
91.33%
Other
8.67%
ZCB
Canada
91.52%
USA
7.42%
Sectors
ZST
Finance
63.91%
Utilities
9.70%
Energy
8.99%
Other
17.40%
ZCB
Finance
44.99%
Energy
21.96%
Industrials
8.33%
Other
24.73%
As of September 1, 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%
ZCB
Royal Bank of Canada, 5.228% 24jun2030, CAD
4.54%
Toronto-Dominion Bank, 5.491% 8sep2028, CAD
4.47%
Bank of Nova Scotia, 4.442% 15nov2035, CAD
4.32%
Alimentation Couche-Tard, 4.603% 25jan2029, CAD (8)
3.29%
Hydro One Inc, 4.25% 4jan2035, CAD (60)
3.23%
Choice Properties REIT, 6.003% 24jun2032, CAD (R)
2.33%
Rogers Communications, 5.8% 21sep2030, CAD
2.29%
TransCanada PipeLines, 5.33% 12may2032, CAD
2.27%
Sun Life Financial, 5.5% 4jul2035, CAD (2023-1)
2.26%
Enbridge, 5.75% 2sep2039, CAD
2.25%
Diversification
ZST
Total weight of top 10 holdings out of 49 total
53.45%
ZCB
Total weight of top 10 holdings out of 67 total
31.26%
Characteristics
Compare
ZST
ZCB
| Provider | BMO | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada All Corporate Bond TR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.50% | 4.18% |
| Meets ESG criteria | No | No |
| Inception Date | February 3, 2011 | March 2, 2018 |
Frequently asked questions about ZST and ZCB
Which ETF has performed better year to date: ZST or ZCB?
As of September 1, 2026, ZST has returned 1.73% year to date, while ZCB has returned 0.65%. ZST is ahead on YTD performance.
Which ETF is larger by assets under management: ZST or ZCB?
As of September 1, 2026, ZST manages $3.45 B in assets, while ZCB manages $2.13 B. ZST is the larger fund by AUM.
How are ZST and ZCB managed?
ZST is actively managed by BMO. It does not track an index. ZCB is passively managed by BMO. It tracks the FTSE Canada All Corporate Bond TR Index - CAD benchmark.
What sectors do ZST and ZCB emphasize?
ZST is most exposed to Finance, Utilities, and Energy. ZCB is most exposed to Finance, Energy, and Industrials.
Which ETF is attracting more investor flows: ZST or ZCB?
Year to date, ZST has seen -$656.71 M in net flows, compared with +$453.53 M for ZCB. ZCB has attracted more net investor money so far.
How do the fees of ZST and ZCB compare?
ZST has an expense ratio of 0.17%, while ZCB has an expense ratio of 0.17%.
What are the top holdings of ZST and ZCB?
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). ZCB's top holdings include Royal Bank of Canada, 5.228% 24jun2030, CAD, Toronto-Dominion Bank, 5.491% 8sep2028, CAD, and Bank of Nova Scotia, 4.442% 15nov2035, CAD.
Which ETF is more diversified: ZST or ZCB?
ZST holds 49 securities, while ZCB holds 67. On holdings count, ZCB is the more diversified portfolio.
Recent articles about ZST and ZCB
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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.