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Compare iShares Floating Rate Index ETF (XFR) vs BMO Discount Bond Index ETF (ZDB) to find the best fit for your portfolio. XFR provides Government Agencies, Municipal, and Finance exposures, while ZDB is primarily weighted in Sovereign, Municipal, and Finance. When evaluating costs, XFR features a management fee (MER) of 0.12%, compared to 0.09% for ZDB. Performance-wise, XFR has returned 1.8% year-to-date with +$64 M in net flows, whereas ZDB is at 0.04% with +$245 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
ZDB
| AuM | $811.78 M | $1,380.85 M |
| Management Fees | 0.12% | 0.09% |
| Exp. ratio | 0.13% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XFR | +0.24% | +0.70% | +1.80% | +2.82% | +11.75% |
ZDB | -1.00% | -1.44% | +0.04% | +1.14% | +13.23% | |
| Flows | XFR | +$8 M | -$14 M | +$64 M | +$98 M | -$53 M |
ZDB | +$52 M | +$118 M | +$245 M | +$583 M | +$523 M |
XFR vs ZDB exposure
Countries
XFR
Canada
99.87%
ZDB
Canada
100.00%
Sectors
XFR
Government Agencies
51.95%
Municipal
35.75%
Finance
11.48%
ZDB
Sovereign
33.15%
Municipal
31.50%
Finance
11.53%
Government Agencies
9.96%
Other
13.86%
As of September 3, 2026
Top 10 Holdings
XFR
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
9.53%
Canada Housing Trust, FRN 15sep2027, CAD (108)
8.92%
Canada Housing Trust, FRN 15mar2028, CAD (111)
8.54%
Canada Housing Trust, FRN 15sep2028, CAD (114)
8.12%
CMHC, FRN 15mar2027, CAD (103)
6.68%
Province of Quebec, FRN 22jul2030, CAD (B139)
5.35%
Province of Ontario, FRN 21feb2030, CAD (DMTN270)
5.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
5.10%
Province of Ontario, FRN 13jan2031, CAD (DMTN275)
5.05%
Canada Housing Trust, FRN 15mar2030, CAD (124)
4.98%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.46%
CMHC, 1.9% 15mar2031, CAD (100)
6.90%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.47%
Canada, Bonds 2.25% 1dec2029, CAD
5.20%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.12%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.10%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.00%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.90%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.63%
Diversification
XFR
Total weight of top 10 holdings out of 25 total
67.55%
ZDB
Total weight of top 10 holdings out of 48 total
60.88%
Characteristics
Compare
XFR
ZDB
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Floating Rate Note TR Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.67% | 1.88% |
| Meets ESG criteria | No | No |
| Inception Date | December 6, 2011 | February 10, 2014 |
Frequently asked questions about XFR and ZDB
Which ETF has performed better year to date: XFR or ZDB?
As of September 3, 2026, XFR has returned 1.80% year to date, while ZDB has returned 0.04%. XFR is ahead on YTD performance.
Which ETF is larger by assets under management: XFR or ZDB?
As of September 3, 2026, XFR manages $811.78 M in assets, while ZDB manages $1.38 B. ZDB is the larger fund by AUM.
How are XFR and ZDB managed?
XFR is passively managed by iShares. It tracks the FTSE Canada Floating Rate Note TR Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do XFR and ZDB emphasize?
XFR is most exposed to Government Agencies, Municipal, and Finance. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: XFR or ZDB?
Year to date, XFR has seen +$64.12 M in net flows, compared with +$244.84 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of XFR and ZDB compare?
XFR has an expense ratio of 0.13%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of XFR and ZDB?
XFR's largest holdings include Province of Ontario, FRN 27nov2028, CAD (DMTN261), Canada Housing Trust, FRN 15sep2027, CAD (108), and Canada Housing Trust, FRN 15mar2028, CAD (111). ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Province of Quebec, 1.5% 1sep2031, CAD (B128).
Which ETF is more diversified: XFR or ZDB?
XFR holds 25 securities, while ZDB holds 48. On holdings count, ZDB is the more diversified portfolio.
Recent articles about XFR and ZDB
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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.