VS
TD Target 2026 Investment Grade Bond ETF (TBCF) and BMO Discount Bond Index ETF (ZDB) 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 ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, TBCF features a management fee (MER) of 0.2%, compared to 0.09% for ZDB. Performance-wise, TBCF has returned 2.02% year-to-date with -$55 M in net flows, whereas ZDB is at 0.01% with +$276 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
ZDB
| AuM | $93.70 M | $1,409.65 M |
| Management Fees | 0.20% | 0.09% |
| Exp. ratio | 0.23% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 21, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TBCF | +0.21% | +0.66% | +2.02% | +2.53% | - |
ZDB | +0.23% | -0.88% | +0.01% | -1.13% | +14.94% | |
| Flows | TBCF | -$3 M | -$38 M | -$55 M | -$38 M | - |
ZDB | +$19 M | +$96 M | +$276 M | +$588 M | +$539 M |
TBCF vs ZDB exposure
Countries
TBCF
Canada
99.19%
ZDB
Canada
100.00%
Sectors
TBCF
Finance
72.42%
Energy
13.35%
Telecommunications
7.13%
Other
7.10%
ZDB
Sovereign
33.39%
Municipal
31.40%
Finance
11.58%
Government Agencies
9.96%
Other
13.67%
As of October 21, 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%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.56%
CMHC, 1.9% 15mar2031, CAD (100)
6.30%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.65%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.13%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.06%
Canada, Bonds 2.25% 1dec2029, CAD
4.57%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.27%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.65%
Diversification
TBCF
Total weight of top 10 holdings out of 20 total
73.15%
ZDB
Total weight of top 10 holdings out of 45 total
59.81%
Characteristics
Compare
TBCF
ZDB
| Provider | TD Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.12% | 1.83% |
| Meets ESG criteria | No | No |
| Inception Date | April 9, 2024 | February 10, 2014 |
Frequently asked questions about TBCF and ZDB
Which ETF has performed better year to date: TBCF or ZDB?
As of October 21, 2026, TBCF has returned 2.02% year to date, while ZDB has returned 0.01%. TBCF is ahead on YTD performance.
Which ETF is larger by assets under management: TBCF or ZDB?
As of October 21, 2026, TBCF manages $93.70 M in assets, while ZDB manages $1.41 B. ZDB is the larger fund by AUM.
How are TBCF and ZDB managed?
TBCF is actively managed by TD Asset Management. It does not track an index. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do TBCF and ZDB emphasize?
TBCF is most exposed to Finance, Energy, and Telecommunications. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: TBCF or ZDB?
Year to date, TBCF has seen -$54.70 M in net flows, compared with +$275.99 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of TBCF and ZDB compare?
TBCF has an expense ratio of 0.23%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of TBCF and ZDB?
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). ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Sun Life Financial, 2.06% 1oct2035, CAD (2020-2).
Which ETF is more diversified: TBCF or ZDB?
TBCF holds 20 securities, while ZDB holds 45. On holdings count, ZDB is the more diversified portfolio.
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