VS
iShares 1-5 Year Laddered Government Bond Index ETF (CLF) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that CLF focuses its top 3 sector exposures on Municipal, Sovereign, and Government Agencies, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, CLF features a management fee (MER) of 0.15%, compared to 0.09% for ZDB. Performance-wise, CLF has returned 0.58% year-to-date with +$154 M in net flows, whereas ZDB is at 0.16% with +$239 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
CLF
ZDB
| AuM | $762.62 M | $1,372.17 M |
| Management Fees | 0.15% | 0.09% |
| Exp. ratio | 0.17% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CLF | -0.52% | -0.32% | +0.58% | +1.67% | +13.05% |
ZDB | -1.19% | -1.61% | -0.16% | +1.21% | +13.00% | |
| Flows | CLF | +$9 M | +$28 M | +$154 M | +$163 M | +$219 M |
ZDB | +$46 M | +$134 M | +$239 M | +$577 M | +$517 M |
CLF vs ZDB exposure
Countries
CLF
Canada
99.93%
ZDB
Canada
100.00%
Sectors
CLF
Municipal
40.18%
Sovereign
39.70%
Government Agencies
11.11%
Finance
8.93%
ZDB
Sovereign
33.15%
Municipal
31.50%
Finance
11.53%
Government Agencies
9.96%
Other
13.86%
As of September 2, 2026
Top 10 Holdings
CLF
Canada, Bond 2 1jun2028 10Y
4.15%
Canada, Bonds 2.75% 1sep2027, CAD
4.06%
Canada, Bond 2.25 1jun2029 10Y
2.80%
Canada, Bonds 3.25% 1sep2028, CAD
2.76%
Canada, Bond 1.25 1jun2030 10Y
2.69%
Canada, Bonds 2.25% 1dec2029, CAD
2.65%
Canada, Bond 0.5 1oct2030 10Y
2.62%
Canada, Bond 1.5 1jun2031 10Y
2.61%
Canada, Bonds 3.5% 1sep2029, CAD
2.60%
Canada, Bonds 2.75% 1sep2030, CAD
2.59%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.46%
CMHC, 1.9% 15mar2031, CAD (100)
6.90%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.47%
Canada, Bonds 2.25% 1dec2029, CAD
5.20%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.12%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.10%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.00%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.90%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.63%
Diversification
CLF
Total weight of top 10 holdings out of 84 total
29.53%
ZDB
Total weight of top 10 holdings out of 48 total
60.88%
Characteristics
Compare
CLF
ZDB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 1-5 Year Laddered Government Bond TR Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.30% | 1.89% |
| Meets ESG criteria | No | No |
| Inception Date | January 31, 2008 | February 10, 2014 |
Frequently asked questions about CLF and ZDB
Which ETF has performed better year to date: CLF or ZDB?
As of September 2, 2026, CLF has returned 0.58% year to date, while ZDB has returned -0.16%. CLF is ahead on YTD performance.
Which ETF is larger by assets under management: CLF or ZDB?
As of September 2, 2026, CLF manages $762.62 M in assets, while ZDB manages $1.37 B. ZDB is the larger fund by AUM.
How are CLF and ZDB managed?
CLF is passively managed by iShares. It tracks the FTSE Canada 1-5 Year Laddered Government Bond TR Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do CLF and ZDB emphasize?
CLF is most exposed to Municipal, Sovereign, and Government Agencies. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: CLF or ZDB?
Year to date, CLF has seen +$154.49 M in net flows, compared with +$238.87 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of CLF and ZDB compare?
CLF has an expense ratio of 0.17%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of CLF and ZDB?
CLF's largest holdings include Canada, Bond 2 1jun2028 10Y, Canada, Bonds 2.75% 1sep2027, CAD, and Canada, Bond 2.25 1jun2029 10Y. ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Province of Quebec, 1.5% 1sep2031, CAD (B128).
Which ETF is more diversified: CLF or ZDB?
CLF holds 84 securities, while ZDB holds 48. On holdings count, CLF 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.