VS
TD Target 2026 Investment Grade Bond ETF (TBCF) and BMO Short Federal Bond Index ETF (ZFS) 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 ZFS leans towards Sovereign and Government Agencies. When evaluating costs, TBCF features a management fee (MER) of 0.2%, compared to 0.2% for ZFS. Performance-wise, TBCF has returned 1.7% year-to-date with -$46 M in net flows, whereas ZFS is at 0.61% with +$608 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
ZFS
| AuM | $102.04 M | $961.53 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.23% | 0.21% |
| 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% | - |
ZFS | -0.46% | -0.16% | +0.61% | +1.44% | +11.98% | |
| Flows | TBCF | -$20 M | -$34 M | -$46 M | -$35 M | - |
ZFS | +$62 M | +$123 M | +$608 M | +$508 M | -$67 M |
TBCF vs ZFS exposure
Countries
TBCF
Canada
98.32%
ZFS
Canada
100.00%
Sectors
TBCF
Finance
65.67%
Energy
18.84%
Other
15.49%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
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%
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
TBCF
Total weight of top 10 holdings out of 21 total
66.46%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
TBCF
ZFS
| Provider | TD Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE TMX Canada Short Term Federal Bond Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.03% | 2.56% |
| Meets ESG criteria | No | No |
| Inception Date | April 9, 2024 | October 20, 2009 |
Frequently asked questions about TBCF and ZFS
Which ETF has performed better year to date: TBCF or ZFS?
As of September 3, 2026, TBCF has returned 1.70% year to date, while ZFS has returned 0.61%. TBCF is ahead on YTD performance.
Which ETF is larger by assets under management: TBCF or ZFS?
As of September 3, 2026, TBCF manages $102.04 M in assets, while ZFS manages $961.53 M. ZFS is the larger fund by AUM.
How are TBCF and ZFS managed?
TBCF is actively managed by TD Asset Management. It does not track an index. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do TBCF and ZFS emphasize?
TBCF is most exposed to Finance, Energy, and Telecommunications. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: TBCF or ZFS?
Year to date, TBCF has seen -$46.28 M in net flows, compared with +$608.11 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of TBCF and ZFS compare?
TBCF has an expense ratio of 0.23%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of TBCF and ZFS?
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). 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: TBCF or ZFS?
TBCF holds 21 securities, while ZFS holds 24. On holdings count, ZFS 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.