VS
BMO Long Federal Bond Index ETF (ZFL) and Global X 0-3 Month T-Bill ETF (CBIL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFL focuses its top 3 sector exposures on Sovereign, while CBIL leans towards Sovereign. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.1% for CBIL. Performance-wise, ZFL has returned 4.26% year-to-date with +$117 M in net flows, whereas CBIL is at 1.54% 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
ZFL
CBIL
| AuM | $1,292.05 M | $2,791.27 M |
| Management Fees | 0.20% | 0.10% |
| Exp. ratio | 0.22% | 0.11% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFL | -1.68% | -6.32% | -4.26% | -7.38% | -0.91% |
CBIL | +0.18% | +0.55% | +1.54% | +2.23% | +7.23% | |
| Flows | ZFL | +$28 M | +$77 M | +$117 M | -$2,346 M | -$1,060 M |
CBIL | +$249 M | +$420 M | +$1,199 M | +$1,191 M | +$2,329 M |
ZFL vs CBIL exposure
Countries
ZFL
Canada
100.00%
CBIL
Canada
99.99%
Sectors
ZFL
Sovereign
100.00%
CBIL
Sovereign
99.99%
As of September 16, 2026
Top 10 Holdings
ZFL
Canada, Bonds 3.5% 1dec2057, CAD
22.02%
Canada, Bond 2 1jan2051 30Y
20.08%
Canada, Bonds 2.75% 1dec2055, CAD
14.90%
Canada, Bond 3.5 1dec2045 30Y
14.77%
Canada, Bond 2.75 1dec2048 30Y
11.40%
Canada, Bond 1.75 1dec2053 30Y
9.75%
Canada, Bond 4 1jun2041 30Y
7.08%
CBIL
Canada, Bills 0% 9nov2023, CAD (364D)
99.99%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
CBIL
Total weight of top 10 holdings out of 1 total
99.99%
Characteristics
Compare
ZFL
CBIL
| Provider | BMO | Global X |
| Management | Passively managed | Actively 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 | 3.00% | 2.22% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | April 12, 2023 |
Frequently asked questions about ZFL and CBIL
Which ETF has performed better year to date: ZFL or CBIL?
As of September 16, 2026, ZFL has returned -4.26% year to date, while CBIL has returned 1.54%. CBIL is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or CBIL?
As of September 16, 2026, ZFL manages $1.29 B in assets, while CBIL manages $2.79 B. CBIL is the larger fund by AUM.
How are ZFL and CBIL managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. CBIL is actively managed by Global X. It does not track an index.
What sectors do ZFL and CBIL emphasize?
ZFL is most exposed to Sovereign. CBIL is most exposed to Sovereign.
Which ETF is attracting more investor flows: ZFL or CBIL?
Year to date, ZFL has seen +$116.54 M in net flows, compared with +$1,198.95 M for CBIL. CBIL has attracted more net investor money so far.
How do the fees of ZFL and CBIL compare?
ZFL has an expense ratio of 0.22%, while CBIL has an expense ratio of 0.11%.
What are the top holdings of ZFL and CBIL?
ZFL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. CBIL's top holdings include Canada, Bills 0% 9nov2023, CAD (364D).
Which ETF is more diversified: ZFL or CBIL?
ZFL holds 7 securities, while CBIL holds 1. On holdings count, ZFL is the more diversified portfolio.
Recent articles about ZFL and CBIL
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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.