VS
iShares Floating Rate Index ETF (XFR) and BMO Short Corporate Bond Index ETF (ZCS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XFR focuses its top 3 sector exposures on Government agencies, Municipal, and Banks, while ZCS leans towards Banks, Pipelines, and Communication services. When evaluating costs, XFR features a management fee (MER) of 0.12%, compared to 0.1% for ZCS. Performance-wise, XFR has returned 0.78% year-to-date with +$58 M in net flows, whereas ZCS is at 0.75% with -$135 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
XFR
ZCS
| AuM | $806.43 M | $4,184.50 M |
| Management Fees | 0.12% | 0.10% |
| Exp. ratio | 0.13% | 0.11% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFR | +0.22% | +0.55% | +0.78% | +3.03% | +12.77% |
ZCS | +1.02% | +0.25% | +0.75% | +4.22% | +17.65% | |
| Flows | XFR | +$54 M | +$52 M | +$58 M | +$34 M | +$96 M |
ZCS | +$85 M | -$35 M | -$135 M | +$129 M | +$2,831 M |
XFR vs ZCS exposure
Countries
XFR
Canada
99.73%
ZCS
Canada
100.00%
Sectors
XFR
Government agencies
45.33%
Other
32.71%
Municipal
12.35%
Banks
8.24%
ZCS
Banks
43.26%
Other
14.39%
Pipelines
13.21%
Other
29.14%
As of April 24, 2026
Top 10 Holdings
XFR
Canada Housing Trust, FRN 15mar2028, CAD (111)
7.68%
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
7.68%
Canada Housing Trust, FRN 15sep2027, CAD (108)
7.53%
Canada Housing Trust, FRN 15sep2028, CAD (114)
6.82%
CMHC, FRN 15sep2026, CAD (99)
6.36%
CMHC, FRN 15mar2027, CAD (103)
6.10%
CA68333ZBQ96
4.76%
Canada Housing Trust, FRN 15mar2030, CAD (124)
4.64%
CA74814ZFW82
4.63%
CA68333ZBL00
4.62%
ZCS
Bank of Montreal, 4.709% 7dec2027, CAD
7.38%
Bank of Montreal, 3.19% 1mar2028, CAD
6.50%
Toronto-Dominion Bank, 4.477% 18jan2028, CAD
5.15%
CA779926QX54
5.09%
CIBC, 3.8% 10dec2030, CAD
4.34%
CA89116C3S44
4.29%
TransCanada PipeLines, 5.277% 15jul2030, CAD
3.81%
Royal Bank of Canada, 4.829% 8aug2034, CAD (28)
3.71%
Royal Bank of Canada, 4.632% 1may2028, CAD
3.70%
RBC Capital Markets, 4% 17oct2030, CAD
3.64%
Diversification
XFR
Total weight of top 10 holdings out of 27 total
60.84%
ZCS
Total weight of top 10 holdings out of 40 total
47.60%
Characteristics
Compare
XFR
ZCS
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Floating Rate Note TR Index - CAD | FTSE TMX Canada Short Term Corporate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.85% | 3.80% |
| Meets ESG criteria | No | No |
| Inception Date | December 6, 2011 | October 20, 2009 |
Frequently asked questions about XFR and ZCS
Which ETF has performed better year to date: XFR or ZCS?
As of April 24, 2026, XFR has returned 0.78% year to date, while ZCS has returned 0.75%. XFR is ahead on YTD performance.
Which ETF is larger by assets under management: XFR or ZCS?
As of April 24, 2026, XFR manages $806.43 M in assets, while ZCS manages $4.18 B. ZCS is the larger fund by AUM.
How are XFR and ZCS managed?
XFR is passively managed by iShares. It tracks the FTSE Canada Floating Rate Note TR Index - CAD benchmark. ZCS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Corporate Bond Index - CAD benchmark.
What sectors do XFR and ZCS emphasize?
XFR is most exposed to Government agencies, Municipal, and Banks. ZCS is most exposed to Banks, Pipelines, and Communication services.
Which ETF is attracting more investor flows: XFR or ZCS?
Year to date, XFR has seen +$58.12 M in net flows, compared with -$135.50 M for ZCS. XFR has attracted more net investor money so far.
How do the fees of XFR and ZCS compare?
XFR has an expense ratio of 0.13%, while ZCS has an expense ratio of 0.11%.
What are the top holdings of XFR and ZCS?
XFR's largest holdings include Canada Housing Trust, FRN 15mar2028, CAD (111) and Province of Ontario, FRN 27nov2028, CAD (DMTN261). ZCS's top holdings include Bank of Montreal, 4.709% 7dec2027, CAD and Bank of Montreal, 3.19% 1mar2028, CAD.
Which ETF is more diversified: XFR or ZCS?
XFR holds 19 securities, while ZCS holds 34. On holdings count, ZCS is the more diversified portfolio.
Recent articles about XFR and ZCS
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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.