VS
BMO Long Federal Bond Index ETF (ZFL) and NBI Sustainable Canadian Bond ETF (NSCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFL focuses its top 3 sector exposures on Sovereign, while NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.63% for NSCB. Performance-wise, ZFL has returned 4.58% year-to-date with +$176 M in net flows, whereas NSCB is at 3.34% with +$38 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
ZFL
NSCB
| AuM | $1,344.20 M | $2,783.19 M |
| Management Fees | 0.20% | 0.63% |
| Exp. ratio | 0.22% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFL | -1.70% | -6.03% | -4.58% | -6.81% | +3.05% |
NSCB | -1.11% | -3.34% | -3.34% | -4.59% | +4.50% | |
| Flows | ZFL | +$76 M | +$137 M | +$176 M | -$2,103 M | -$1,066 M |
NSCB | +$1 M | +$42 M | +$38 M | -$30 M | +$1,125 M |
ZFL vs NSCB exposure
Countries
ZFL
Canada
100.00%
NSCB
Canada
94.79%
Sectors
ZFL
Sovereign
100.00%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of October 2, 2026
Top 10 Holdings
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%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.82%
Canada, Bonds 3.25% 1mar2036, CAD
4.47%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.20%
Canada, Bonds 3.5% 1dec2056, CAD (D)
2.72%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.62%
Canada, Bonds 3% 1mar2032, CAD (C)
2.53%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.49%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.40%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.19%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
ZFL
NSCB
| Provider | BMO | National Bank Investments |
| 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 | 2.99% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | May 19, 2010 | January 23, 2020 |
Frequently asked questions about ZFL and NSCB
Which ETF has performed better year to date: ZFL or NSCB?
As of October 2, 2026, ZFL has returned -4.58% year to date, while NSCB has returned -3.34%. NSCB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or NSCB?
As of October 2, 2026, ZFL manages $1.34 B in assets, while NSCB manages $2.78 B. NSCB is the larger fund by AUM.
How are ZFL and NSCB managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do ZFL and NSCB emphasize?
ZFL is most exposed to Sovereign. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZFL or NSCB?
Year to date, ZFL has seen +$176.06 M in net flows, compared with +$38.06 M for NSCB. ZFL has attracted more net investor money so far.
How do the fees of ZFL and NSCB compare?
ZFL has an expense ratio of 0.22%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of ZFL and NSCB?
ZFL's largest holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD. NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: ZFL or NSCB?
ZFL holds 7 securities, while NSCB holds 152. On holdings count, NSCB is the more diversified portfolio.
Recent articles about ZFL and NSCB
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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.