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TD Target 2026 Investment Grade Bond ETF (TBCF) and NBI Sustainable Canadian Bond ETF (NSCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that TBCF focuses its top 3 sector exposures on Finance, Energy, and Telecommunications, while NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, TBCF features a management fee (MER) of 0.2%, compared to 0.63% for NSCB. Performance-wise, TBCF has returned 2.02% year-to-date with -$55 M in net flows, whereas NSCB is at 3.08% with +$39 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
TBCF
NSCB
| AuM | $93.70 M | $2,791.60 M |
| Management Fees | 0.20% | 0.63% |
| Exp. ratio | 0.23% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TBCF | +0.21% | +0.66% | +2.02% | +2.49% | - |
NSCB | -0.78% | -2.39% | -3.08% | -5.23% | +5.62% | |
| Flows | TBCF | -$3 M | -$38 M | -$55 M | -$38 M | - |
NSCB | +$1 M | +$43 M | +$39 M | +$52 M | +$913 M |
TBCF vs NSCB exposure
Countries
TBCF
Canada
99.19%
NSCB
Canada
94.79%
Sectors
TBCF
Finance
72.42%
Energy
13.35%
Telecommunications
7.13%
Other
7.10%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of October 19, 2026
Top 10 Holdings
TBCF
Sun Life Financial, 2.46% 18nov2031, CAD (2021-1)
9.49%
Bank of Nova Scotia, 1.85% 2nov2026, CAD
9.47%
Suncor Energy, 5.4% 17nov2026, CAD (10)
9.27%
Royal Bank of Canada, 2.14% 3nov2031, CAD (24)
7.77%
iA Financial Corporation, 3.072% 24sep2031, CAD
7.77%
Ford Credit Canada Co, 6.326% 10nov2026, CAD
7.40%
Rogers Communications, 5.65% 21sep2026, CAD
7.13%
National Bank of Canada, 3.637% 7oct2027, CAD
5.21%
Federation des caisses Desjardins du Quebec, 1.587% 10sep2026, CAD
5.08%
Lower Mattagami Energy, 2.307% 21oct2026, CAD
4.57%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.82%
Canada, Bonds 3.25% 1mar2036, CAD
4.47%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.20%
Canada, Bonds 3.5% 1dec2056, CAD (D)
2.72%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.62%
Canada, Bonds 3% 1mar2032, CAD (C)
2.53%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.49%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.40%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.19%
Diversification
TBCF
Total weight of top 10 holdings out of 20 total
73.15%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
TBCF
NSCB
| Provider | TD Asset Management | National Bank Investments |
| Management | Actively managed | Actively managed |
| Benchmark | - | - |
| Replication Method | - | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.12% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | April 9, 2024 | January 23, 2020 |
Frequently asked questions about TBCF and NSCB
Which ETF has performed better year to date: TBCF or NSCB?
As of October 19, 2026, TBCF has returned 2.02% year to date, while NSCB has returned -3.08%. TBCF is ahead on YTD performance.
Which ETF is larger by assets under management: TBCF or NSCB?
As of October 19, 2026, TBCF manages $93.70 M in assets, while NSCB manages $2.79 B. NSCB is the larger fund by AUM.
How are TBCF and NSCB managed?
TBCF is actively managed by TD Asset Management. It does not track an index. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do TBCF and NSCB emphasize?
TBCF is most exposed to Finance, Energy, and Telecommunications. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: TBCF or NSCB?
Year to date, TBCF has seen -$54.70 M in net flows, compared with +$39.15 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of TBCF and NSCB compare?
TBCF has an expense ratio of 0.23%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of TBCF and NSCB?
TBCF's largest holdings include Sun Life Financial, 2.46% 18nov2031, CAD (2021-1), Bank of Nova Scotia, 1.85% 2nov2026, CAD, and Suncor Energy, 5.4% 17nov2026, CAD (10). NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: TBCF or NSCB?
TBCF holds 20 securities, while NSCB holds 152. On holdings count, NSCB is the more diversified portfolio.
Recent articles about TBCF and NSCB
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