VS
BMO Corporate Discount Bond ETF (ZCDB) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZCDB focuses its top 3 sector exposures on Finance, Energy, and Telecommunications, while ZFL leans towards Sovereign. When evaluating costs, ZCDB features a management fee (MER) of 0.15%, compared to 0.2% for ZFL. Performance-wise, ZCDB has returned 0.88% year-to-date with +$275 M in net flows, whereas ZFL is at 3.03% with +$180 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
ZCDB
ZFL
| AuM | $327.92 M | $1,369.67 M |
| Management Fees | 0.15% | 0.20% |
| Exp. ratio | 0.17% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZCDB | +0.07% | -0.40% | +0.88% | +0.52% | +19.47% |
ZFL | -0.34% | -2.73% | -3.03% | -7.07% | +5.54% | |
| Flows | ZCDB | +$267 M | +$252 M | +$275 M | +$291 M | +$288 M |
ZFL | +$61 M | +$123 M | +$180 M | -$1,173 M | -$1,199 M |
ZCDB vs ZFL exposure
Countries
ZCDB
Canada
100.00%
ZFL
Canada
100.00%
Sectors
ZCDB
Finance
60.50%
Energy
14.51%
Telecommunications
8.46%
Other
16.54%
ZFL
Sovereign
100.00%
As of October 20, 2026
Top 10 Holdings
ZCDB
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
9.59%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
8.75%
Enbridge, 3.1% 21sep2033, CAD
6.55%
Sun Life Financial, 2.8% 21nov2033, CAD (2021-2)
6.30%
Royal Bank of Canada, 1.833% 31jul2028, CAD
6.27%
CGI Inc., 2.1% 18sep2028, CAD
6.23%
North West Redwater Partnership, 2.8% 1jun2031, CAD (N)
6.11%
Allied Properties REIT, 3.095% 6feb2032, CAD
5.82%
Intact Financial, 1.928% 16dec2030, CAD
5.43%
TELUS, 2.05% 7oct2030, CAD
4.81%
ZFL
Canada, Bond 2 1jan2051 30Y
21.12%
Canada, Bonds 2.75% 1dec2055, CAD
16.14%
Canada, Bonds 3.5% 1dec2057, CAD
15.61%
Canada, Bond 3.5 1dec2045 30Y
14.76%
Canada, Bond 4 1jun2041 30Y
12.42%
Canada, Bond 2.75 1dec2048 30Y
11.36%
Canada, Bond 1.75 1dec2053 30Y
8.59%
Diversification
ZCDB
Total weight of top 10 holdings out of 25 total
65.87%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
ZCDB
ZFL
| Provider | BMO | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.08% | 2.94% |
| Meets ESG criteria | No | No |
| Inception Date | January 17, 2022 | May 19, 2010 |
Frequently asked questions about ZCDB and ZFL
Which ETF has performed better year to date: ZCDB or ZFL?
As of October 20, 2026, ZCDB has returned 0.88% year to date, while ZFL has returned -3.03%. ZCDB is ahead on YTD performance.
Which ETF is larger by assets under management: ZCDB or ZFL?
As of October 20, 2026, ZCDB manages $327.92 M in assets, while ZFL manages $1.37 B. ZFL is the larger fund by AUM.
How are ZCDB and ZFL managed?
ZCDB is actively managed by BMO. It does not track an index. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do ZCDB and ZFL emphasize?
ZCDB is most exposed to Finance, Energy, and Telecommunications. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: ZCDB or ZFL?
Year to date, ZCDB has seen +$274.99 M in net flows, compared with +$179.67 M for ZFL. ZCDB has attracted more net investor money so far.
How do the fees of ZCDB and ZFL compare?
ZCDB has an expense ratio of 0.17%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of ZCDB and ZFL?
ZCDB's largest holdings include Sun Life Financial, 2.06% 1oct2035, CAD (2020-2), Toronto-Dominion Bank, 1.896% 11sep2028, CAD, and Enbridge, 3.1% 21sep2033, CAD. ZFL's top holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD.
Which ETF is more diversified: ZCDB or ZFL?
ZCDB holds 25 securities, while ZFL holds 7. On holdings count, ZCDB is the more diversified portfolio.
Recent articles about ZCDB and ZFL
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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.