VS
TD Target 2026 Investment Grade Bond ETF (TBCF) and BMO Government Bond Index ETF (ZGB) 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 ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, TBCF features a management fee (MER) of 0.2%, compared to 0.15% for ZGB. Performance-wise, TBCF has returned 1.7% year-to-date with -$46 M in net flows, whereas ZGB is at 0.11% with -$198 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
ZGB
| AuM | $102.04 M | $1,244.47 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.23% | 0.17% |
| 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% | - |
ZGB | -1.27% | -1.64% | -0.11% | +1.23% | +11.47% | |
| Flows | TBCF | -$20 M | -$34 M | -$46 M | -$35 M | - |
ZGB | -$6 M | -$5 M | -$198 M | -$198 M | +$185 M |
TBCF vs ZGB exposure
Countries
TBCF
Canada
98.32%
ZGB
Canada
100.00%
Sectors
TBCF
Finance
65.67%
Energy
18.84%
Other
15.49%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
TBCF
Total weight of top 10 holdings out of 21 total
66.46%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
TBCF
ZGB
| Provider | TD Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.03% | 3.15% |
| Meets ESG criteria | No | No |
| Inception Date | April 9, 2024 | March 7, 2018 |
Frequently asked questions about TBCF and ZGB
Which ETF has performed better year to date: TBCF or ZGB?
As of September 3, 2026, TBCF has returned 1.70% year to date, while ZGB has returned -0.11%. TBCF is ahead on YTD performance.
Which ETF is larger by assets under management: TBCF or ZGB?
As of September 3, 2026, TBCF manages $102.04 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are TBCF and ZGB managed?
TBCF is actively managed by TD Asset Management. It does not track an index. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do TBCF and ZGB emphasize?
TBCF is most exposed to Finance, Energy, and Telecommunications. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: TBCF or ZGB?
Year to date, TBCF has seen -$46.28 M in net flows, compared with -$197.62 M for ZGB. TBCF has attracted more net investor money so far.
How do the fees of TBCF and ZGB compare?
TBCF has an expense ratio of 0.23%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of TBCF and ZGB?
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). ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: TBCF or ZGB?
TBCF holds 21 securities, while ZGB holds 48. On holdings count, ZGB is the more diversified portfolio.
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