VS
Compare BMO Long Federal Bond Index ETF (ZFL) vs BMO Government Bond Index ETF (ZGB) to find the best fit for your portfolio. ZFL provides Sovereign exposures, while ZGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.15% for ZGB. Performance-wise, ZFL has returned 4.26% year-to-date with +$117 M in net flows, whereas ZGB is at 0.95% with -$204 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
ZGB
| AuM | $1,292.05 M | $1,227.87 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.22% | 0.16% |
| 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% |
ZGB | -1.06% | -2.74% | -0.95% | -1.54% | +10.95% | |
| Flows | ZFL | +$28 M | +$77 M | +$117 M | -$2,346 M | -$1,060 M |
ZGB | -$8 M | -$16 M | -$204 M | -$189 M | +$177 M |
ZFL vs ZGB exposure
Countries
ZFL
Canada
100.00%
ZGB
Canada
100.00%
Sectors
ZFL
Sovereign
100.00%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
ZFL
ZGB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Long Term Federal Bond TR Index - CAD | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.00% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | March 7, 2018 |
Frequently asked questions about ZFL and ZGB
Which ETF has performed better year to date: ZFL or ZGB?
As of September 16, 2026, ZFL has returned -4.26% year to date, while ZGB has returned -0.95%. ZGB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or ZGB?
As of September 16, 2026, ZFL manages $1.29 B in assets, while ZGB manages $1.23 B. ZFL is the larger fund by AUM.
How are ZFL and ZGB managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZFL and ZGB emphasize?
ZFL is most exposed to Sovereign. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZFL or ZGB?
Year to date, ZFL has seen +$116.54 M in net flows, compared with -$203.92 M for ZGB. ZFL has attracted more net investor money so far.
How do the fees of ZFL and ZGB compare?
ZFL has an expense ratio of 0.22%, while ZGB has an expense ratio of 0.16%.
What are the top holdings of ZFL and ZGB?
ZFL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: ZFL or ZGB?
ZFL holds 7 securities, while ZGB holds 48. On holdings count, ZGB is the more diversified portfolio.
Recent articles about ZFL and ZGB
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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.