VS
iShares Convertible Bond Index ETF (CVD) and BMO Short Federal Bond Index ETF (ZFS) 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 ZFS leans towards Sovereign and Government Agencies. When evaluating costs, CVD features a management fee (MER) of 0.45%, compared to 0.2% for ZFS. Performance-wise, CVD has returned 3.28% year-to-date with +$14 M in net flows, whereas ZFS is at 0.61% with +$607 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
ZFS
| AuM | $124.82 M | $960.83 M |
| Management Fees | 0.45% | 0.20% |
| Exp. ratio | 0.50% | 0.21% |
| 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% |
ZFS | -0.46% | -0.19% | +0.61% | +1.58% | +11.98% | |
| Flows | CVD | -$0 M | -$1 M | +$14 M | +$24 M | +$19 M |
ZFS | +$61 M | +$124 M | +$607 M | +$506 M | -$67 M |
CVD vs ZFS exposure
Countries
CVD
Canada
100.01%
ZFS
Canada
100.00%
Sectors
CVD
Finance
39.68%
Industrials
25.01%
Energy
12.19%
Consumer Cyclicals
9.97%
Consumer Non-Cyclicals
7.82%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
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%
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
10.71%
Canada, Bonds 3.25% 1sep2028, CAD
8.77%
Canada, Bonds 2.75% 1mar2031, CAD
8.54%
Canada, Bonds 4% 1mar2029, CAD
8.18%
Canada, Bonds 2.75% 1mar2030, CAD
7.88%
Canada, Bonds 3.5% 1sep2029, CAD
7.35%
Canada, Bond 1.25 1jun2030 10Y
6.09%
Canada, Bonds 2.25% 1feb2028, CAD
5.76%
Canada, Bonds 3.5% 1mar2028, CAD
4.40%
CMHC, 1.75% 15jun2030, CAD (92)
4.13%
Diversification
CVD
Total weight of top 10 holdings out of 24 total
60.43%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
CVD
ZFS
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Convertible Bond TR Index - CAD | FTSE TMX Canada Short Term Federal Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 5.01% | 2.56% |
| Meets ESG criteria | No | No |
| Inception Date | June 14, 2011 | October 20, 2009 |
Frequently asked questions about CVD and ZFS
Which ETF has performed better year to date: CVD or ZFS?
As of September 2, 2026, CVD has returned 3.28% year to date, while ZFS has returned 0.61%. CVD is ahead on YTD performance.
Which ETF is larger by assets under management: CVD or ZFS?
As of September 2, 2026, CVD manages $124.82 M in assets, while ZFS manages $960.83 M. ZFS is the larger fund by AUM.
How are CVD and ZFS managed?
CVD is passively managed by iShares. It tracks the FTSE Canada Convertible Bond TR Index - CAD benchmark. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do CVD and ZFS emphasize?
CVD is most exposed to Finance, Industrials, and Energy. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: CVD or ZFS?
Year to date, CVD has seen +$14.27 M in net flows, compared with +$607.42 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of CVD and ZFS compare?
CVD has an expense ratio of 0.50%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of CVD and ZFS?
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.). ZFS's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: CVD or ZFS?
CVD holds 24 securities, while ZFS holds 24. On holdings count, CVD 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.