VS
BMO Long Federal Bond Index ETF (ZFL) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFL focuses its top 3 sector exposures on Sovereign, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.09% for ZDB. Performance-wise, ZFL has returned 4.26% year-to-date with +$117 M in net flows, whereas ZDB is at 0.93% with +$257 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
ZDB
| AuM | $1,292.05 M | $1,380.08 M |
| Management Fees | 0.20% | 0.09% |
| Exp. ratio | 0.22% | 0.10% |
| 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% |
ZDB | -1.00% | -2.59% | -0.93% | -1.37% | +12.52% | |
| Flows | ZFL | +$28 M | +$77 M | +$117 M | -$2,346 M | -$1,060 M |
ZDB | +$58 M | +$114 M | +$257 M | +$589 M | +$544 M |
ZFL vs ZDB exposure
Countries
ZFL
Canada
100.00%
ZDB
Canada
100.00%
Sectors
ZFL
Sovereign
100.00%
ZDB
Sovereign
33.15%
Municipal
31.50%
Finance
11.53%
Government Agencies
9.96%
Other
13.86%
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%
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
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
ZDB
Total weight of top 10 holdings out of 48 total
60.88%
Characteristics
Compare
ZFL
ZDB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Long Term Federal Bond 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 | 3.00% | 1.90% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | February 10, 2014 |
Frequently asked questions about ZFL and ZDB
Which ETF has performed better year to date: ZFL or ZDB?
As of September 16, 2026, ZFL has returned -4.26% year to date, while ZDB has returned -0.93%. ZDB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or ZDB?
As of September 16, 2026, ZFL manages $1.29 B in assets, while ZDB manages $1.38 B. ZDB is the larger fund by AUM.
How are ZFL and ZDB managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do ZFL and ZDB emphasize?
ZFL is most exposed to Sovereign. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: ZFL or ZDB?
Year to date, ZFL has seen +$116.54 M in net flows, compared with +$257.42 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of ZFL and ZDB compare?
ZFL has an expense ratio of 0.22%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of ZFL and ZDB?
ZFL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. 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: ZFL or ZDB?
ZFL holds 7 securities, while ZDB holds 48. On holdings count, ZDB is the more diversified portfolio.
Recent articles about ZFL and ZDB
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.