VS
iShares Convertible Bond Index ETF (CVD) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that CVD focuses its top 3 sector exposures on Finance, Industrials, and Energy, while ZFL leans towards Sovereign. When evaluating costs, CVD features a management fee (MER) of 0.45%, compared to 0.2% for ZFL. Performance-wise, CVD has returned 3.28% year-to-date with +$14 M in net flows, whereas ZFL is at 2.93% with +$94 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
CVD
ZFL
| AuM | $124.82 M | $1,287.08 M |
| Management Fees | 0.45% | 0.20% |
| Exp. ratio | 0.50% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | CVD | -0.70% | +0.55% | +3.28% | +5.31% | +27.38% |
ZFL | -3.01% | -5.29% | -2.93% | -1.25% | -0.18% | |
| Flows | CVD | -$0 M | -$1 M | +$14 M | +$24 M | +$19 M |
ZFL | +$32 M | +$56 M | +$94 M | -$2,347 M | -$1,133 M |
CVD vs ZFL exposure
Countries
CVD
Canada
100.01%
ZFL
Canada
100.00%
Sectors
CVD
Finance
39.68%
Industrials
25.01%
Energy
12.19%
Consumer Cyclicals
9.97%
Consumer Non-Cyclicals
7.82%
ZFL
Sovereign
100.00%
As of September 2, 2026
Top 10 Holdings
CVD
NFI Group, 5% 15jan2027, CAD (Conv.)
9.69%
Morguard REIT, 5.25% 31dec2026, CAD (Conv.)
6.67%
Advantage Energy, 5% 30jun2029, CAD (Conv.)
6.42%
Storagevault Canada, 5% 31mar2028, CAD (Conv.)
6.30%
Vital Infrastructure Property Trust, 6.25% 31aug2027, CAD (Conv.)
6.25%
Tidewater Midstream, 8% 30jun2029, CAD (Conv.)
5.77%
Rogers Sugar, 6% 30jun2030, CAD (Conv.)
5.23%
Alaris Equity Partners Income, 6.25% 31dec2030, CAD (Conv.)
5.09%
Ag Growth International, 5% 30jun2027, CAD (Conv.)
4.73%
Ag Growth International, 5.2% 31dec2027, CAD (Conv.)
4.28%
ZFL
Canada, Bonds 3.5% 1dec2057, CAD
22.02%
Canada, Bond 2 1jan2051 30Y
20.08%
Canada, Bonds 2.75% 1dec2055, CAD
14.90%
Canada, Bond 3.5 1dec2045 30Y
14.77%
Canada, Bond 2.75 1dec2048 30Y
11.40%
Canada, Bond 1.75 1dec2053 30Y
9.75%
Canada, Bond 4 1jun2041 30Y
7.08%
Diversification
CVD
Total weight of top 10 holdings out of 24 total
60.43%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
CVD
ZFL
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Convertible Bond TR Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.01% | 2.96% |
| Meets ESG criteria | No | No |
| Inception Date | June 14, 2011 | May 19, 2010 |
Frequently asked questions about CVD and ZFL
Which ETF has performed better year to date: CVD or ZFL?
As of September 2, 2026, CVD has returned 3.28% year to date, while ZFL has returned -2.93%. CVD is ahead on YTD performance.
Which ETF is larger by assets under management: CVD or ZFL?
As of September 2, 2026, CVD manages $124.82 M in assets, while ZFL manages $1.29 B. ZFL is the larger fund by AUM.
How are CVD and ZFL managed?
CVD is passively managed by iShares. It tracks the FTSE Canada Convertible Bond TR Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do CVD and ZFL emphasize?
CVD is most exposed to Finance, Industrials, and Energy. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: CVD or ZFL?
Year to date, CVD has seen +$14.27 M in net flows, compared with +$93.90 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of CVD and ZFL compare?
CVD has an expense ratio of 0.50%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of CVD and ZFL?
CVD's largest holdings include NFI Group, 5% 15jan2027, CAD (Conv.), Morguard REIT, 5.25% 31dec2026, CAD (Conv.), and Advantage Energy, 5% 30jun2029, CAD (Conv.). ZFL's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: CVD or ZFL?
CVD holds 24 securities, while ZFL holds 7. On holdings count, CVD is the more diversified portfolio.
Recent articles about CVD and ZFL
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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.