VS
TD Target 2026 Investment Grade Bond ETF (TBCF) and BMO Long Federal Bond Index ETF (ZFL) 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 ZFL leans towards Sovereign. When evaluating costs, TBCF features a management fee (MER) of 0.2%, compared to 0.2% for ZFL. Performance-wise, TBCF has returned 1.7% year-to-date with -$46 M in net flows, whereas ZFL is at 2.61% with +$97 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
ZFL
| AuM | $102.04 M | $1,294.76 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.23% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | TBCF | +0.26% | +0.67% | +1.70% | +2.76% | - |
ZFL | -2.69% | -4.71% | -2.61% | -2.38% | +0.14% | |
| Flows | TBCF | -$20 M | -$34 M | -$46 M | -$35 M | - |
ZFL | +$36 M | +$60 M | +$97 M | -$2,347 M | -$1,130 M |
TBCF vs ZFL exposure
Countries
TBCF
Canada
98.32%
ZFL
Canada
100.00%
Sectors
TBCF
Finance
65.67%
Energy
18.84%
Other
15.49%
ZFL
Sovereign
100.00%
As of September 3, 2026
Top 10 Holdings
TBCF
Bank of Nova Scotia, 1.85% 2nov2026, CAD
9.58%
Suncor Energy, 5.4% 17nov2026, CAD (10)
9.07%
Royal Bank of Canada, 2.14% 3nov2031, CAD (24)
7.83%
Rogers Communications, 5.65% 21sep2026, CAD
6.46%
Ford Credit Canada Co, 6.326% 10nov2026, CAD
5.87%
CNH Industrial Capital Canada, 5.5% 11aug2026, CAD
5.87%
Sun Life Financial, 2.46% 18nov2031, CAD (2021-1)
5.65%
Federation des caisses Desjardins du Quebec, 1.587% 10sep2026, CAD
5.50%
iA Financial Corporation, 3.072% 24sep2031, CAD
5.37%
Pembina Pipeline Corporation, 3.71% 11aug2026, CAD (7)
5.27%
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
TBCF
Total weight of top 10 holdings out of 21 total
66.46%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
TBCF
ZFL
| Provider | TD Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.03% | 2.95% |
| Meets ESG criteria | No | No |
| Inception Date | April 9, 2024 | May 19, 2010 |
Frequently asked questions about TBCF and ZFL
Which ETF has performed better year to date: TBCF or ZFL?
As of September 3, 2026, TBCF has returned 1.70% year to date, while ZFL has returned -2.61%. TBCF is ahead on YTD performance.
Which ETF is larger by assets under management: TBCF or ZFL?
As of September 3, 2026, TBCF manages $102.04 M in assets, while ZFL manages $1.29 B. ZFL is the larger fund by AUM.
How are TBCF and ZFL managed?
TBCF is actively managed by TD Asset Management. It does not track an index. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do TBCF and ZFL emphasize?
TBCF is most exposed to Finance, Energy, and Telecommunications. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: TBCF or ZFL?
Year to date, TBCF has seen -$46.28 M in net flows, compared with +$97.35 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of TBCF and ZFL compare?
TBCF has an expense ratio of 0.23%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of TBCF and ZFL?
TBCF's largest holdings include Bank of Nova Scotia, 1.85% 2nov2026, CAD, Suncor Energy, 5.4% 17nov2026, CAD (10), and Royal Bank of Canada, 2.14% 3nov2031, CAD (24). 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: TBCF or ZFL?
TBCF holds 21 securities, while ZFL holds 7. On holdings count, TBCF is the more diversified portfolio.
Recent articles about TBCF and ZFL
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