VS
Compare BMO Long Federal Bond Index ETF (ZFL) vs BMO Short Federal Bond Index ETF (ZFS) to find the best fit for your portfolio. ZFL provides Sovereign exposures, while ZFS is primarily weighted in Sovereign and Government Agencies. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.2% for ZFS. Performance-wise, ZFL has returned 4.26% year-to-date with +$117 M in net flows, whereas ZFS is at 0.11% with +$689 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
ZFS
| AuM | $1,292.05 M | $1,037.52 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.21% |
| 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% |
ZFS | -0.72% | -0.93% | +0.11% | +0.32% | +11.55% | |
| Flows | ZFL | +$28 M | +$77 M | +$117 M | -$2,346 M | -$1,060 M |
ZFS | +$96 M | +$158 M | +$689 M | +$590 M | +$16 M |
ZFL vs ZFS exposure
Countries
ZFL
Canada
100.00%
ZFS
Canada
100.00%
Sectors
ZFL
Sovereign
100.00%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
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%
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
10.71%
Canada, Bonds 3.25% 1sep2028, CAD
8.77%
Canada, Bonds 2.75% 1mar2031, CAD
8.54%
Canada, Bonds 4% 1mar2029, CAD
8.18%
Canada, Bonds 2.75% 1mar2030, CAD
7.88%
Canada, Bonds 3.5% 1sep2029, CAD
7.35%
Canada, Bond 1.25 1jun2030 10Y
6.09%
Canada, Bonds 2.25% 1feb2028, CAD
5.76%
Canada, Bonds 3.5% 1mar2028, CAD
4.40%
CMHC, 1.75% 15jun2030, CAD (92)
4.13%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
ZFL
ZFS
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Long Term Federal Bond TR Index - CAD | FTSE TMX Canada Short Term Federal 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% | 2.57% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | October 20, 2009 |
Frequently asked questions about ZFL and ZFS
Which ETF has performed better year to date: ZFL or ZFS?
As of September 16, 2026, ZFL has returned -4.26% year to date, while ZFS has returned 0.11%. ZFS is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or ZFS?
As of September 16, 2026, ZFL manages $1.29 B in assets, while ZFS manages $1.04 B. ZFL is the larger fund by AUM.
How are ZFL and ZFS managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do ZFL and ZFS emphasize?
ZFL is most exposed to Sovereign. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: ZFL or ZFS?
Year to date, ZFL has seen +$116.54 M in net flows, compared with +$688.92 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of ZFL and ZFS compare?
ZFL has an expense ratio of 0.22%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of ZFL and ZFS?
ZFL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. ZFS's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: ZFL or ZFS?
ZFL holds 7 securities, while ZFS holds 24. On holdings count, ZFS is the more diversified portfolio.
Recent articles about ZFL and ZFS
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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.