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Compare iShares Floating Rate Index ETF (XFR) vs BMO Aggregate Bond Index ETF (ZAG) to find the best fit for your portfolio. XFR provides Government Agencies, Municipal, and Finance exposures, while ZAG is primarily weighted in Sovereign, Municipal, and Finance. When evaluating costs, XFR features a management fee (MER) of 0.12%, compared to 0.08% for ZAG. Performance-wise, XFR has returned 2.16% year-to-date with +$227 M in net flows, whereas ZAG is at 0.32% with +$1 B. 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
XFR
ZAG
| AuM | $975.55 M | $13,211.52 M |
| Management Fees | 0.12% | 0.08% |
| Exp. ratio | 0.13% | 0.09% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 23, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFR | +0.18% | +0.69% | +2.16% | +2.76% | +11.48% |
ZAG | +0.95% | -0.23% | +0.32% | -0.63% | +15.58% | |
| Flows | XFR | +$92 M | +$181 M | +$227 M | +$227 M | +$112 M |
ZAG | +$166 M | +$271 M | +$1,305 M | +$1,782 M | +$7,345 M |
XFR vs ZAG exposure
Countries
XFR
Canada
95.92%
ZAG
Canada
95.65%
Sectors
XFR
Government Agencies
50.30%
Municipal
34.31%
Finance
10.91%
ZAG
Sovereign
34.55%
Municipal
30.89%
Finance
11.07%
Government Agencies
9.38%
Other
14.10%
As of October 23, 2026
Top 10 Holdings
XFR
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
8.72%
Canada Housing Trust, FRN 15mar2028, CAD (111)
8.35%
Canada Housing Trust, FRN 15sep2027, CAD (108)
8.30%
Canada Housing Trust, FRN 15sep2028, CAD (114)
7.51%
CMHC, FRN 15mar2027, CAD (103)
6.69%
Province of Ontario, FRN 13jan2031, CAD (DMTN275)
5.17%
Province of Ontario, FRN 21feb2030, CAD (DMTN270)
5.16%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
5.12%
Canada Housing Trust, FRN 15mar2030, CAD (124)
5.06%
Province of Quebec, FRN 22jul2030, CAD (B139)
4.98%
ZAG
Canada, Bonds 3% 1jun2034, CAD
4.28%
Canada, Bonds 2.5% 1nov2027, CAD
3.69%
Canada, Bonds 2.25% 1feb2028, CAD
2.94%
Canada, Bond 2.25 1jun2029 10Y
2.90%
Canada, Bonds 2.75% 1dec2055, CAD
2.84%
Canada Housing Trust, 1.1% 15mar2031, CAD (95)
2.68%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
2.38%
Bank of Montreal, 3.19% 1mar2028, CAD
2.22%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
2.21%
Canada, Bonds 2.75% 1mar2030, CAD
2.19%
Diversification
XFR
Total weight of top 10 holdings out of 26 total
65.06%
ZAG
Total weight of top 10 holdings out of 86 total
28.34%
Characteristics
Compare
XFR
ZAG
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Floating Rate Note TR Index - CAD | FTSE Canada Universe Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.63% | 3.47% |
| Meets ESG criteria | No | No |
| Inception Date | December 6, 2011 | January 19, 2010 |
Frequently asked questions about XFR and ZAG
Which ETF has performed better year to date: XFR or ZAG?
As of October 23, 2026, XFR has returned 2.16% year to date, while ZAG has returned 0.32%. XFR is ahead on YTD performance.
Which ETF is larger by assets under management: XFR or ZAG?
As of October 23, 2026, XFR manages $975.55 M in assets, while ZAG manages $13.21 B. ZAG is the larger fund by AUM.
How are XFR and ZAG managed?
XFR is passively managed by iShares. It tracks the FTSE Canada Floating Rate Note TR Index - CAD benchmark. ZAG is passively managed by BMO. It tracks the FTSE Canada Universe Bond TR Index - CAD benchmark.
What sectors do XFR and ZAG emphasize?
XFR is most exposed to Government Agencies, Municipal, and Finance. ZAG is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: XFR or ZAG?
Year to date, XFR has seen +$226.66 M in net flows, compared with +$1,305.31 M for ZAG. ZAG has attracted more net investor money so far.
How do the fees of XFR and ZAG compare?
XFR has an expense ratio of 0.13%, while ZAG has an expense ratio of 0.09%.
What are the top holdings of XFR and ZAG?
XFR's largest holdings include Province of Ontario, FRN 27nov2028, CAD (DMTN261), Canada Housing Trust, FRN 15mar2028, CAD (111), and Canada Housing Trust, FRN 15sep2027, CAD (108). ZAG's top holdings include Canada, Bonds 3% 1jun2034, CAD, Canada, Bonds 2.5% 1nov2027, CAD, and Canada, Bonds 2.25% 1feb2028, CAD.
Which ETF is more diversified: XFR or ZAG?
XFR holds 25 securities, while ZAG holds 86. On holdings count, ZAG is the more diversified portfolio.
Recent articles about XFR and ZAG
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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.