VS
Compare BMO Mid Federal Bond Index ETF (ZFM) vs NBI Sustainable Canadian Bond ETF (NSCB) to find the best fit for your portfolio. ZFM provides Sovereign and Government Agencies exposures, while NSCB is primarily weighted in Finance, Sovereign, and Utilities. When evaluating costs, ZFM features a management fee (MER) of 0.2%, compared to 0.63% for NSCB. Performance-wise, ZFM has returned 0.35% year-to-date with -$177 M in net flows, whereas NSCB is at 2.62% with +$39 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
ZFM
NSCB
| AuM | $622.06 M | $2,804.30 M |
| Management Fees | 0.20% | 0.63% |
| Exp. ratio | 0.21% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 14, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFM | +0.88% | -1.19% | -0.35% | -1.32% | +14.41% |
NSCB | +0.60% | -1.90% | -2.62% | -4.18% | +5.11% | |
| Flows | ZFM | -$86 M | -$149 M | -$177 M | -$180 M | -$438 M |
NSCB | +$1 M | +$42 M | +$39 M | +$39 M | +$914 M |
ZFM vs NSCB exposure
Countries
ZFM
Canada
100.00%
NSCB
Canada
94.79%
Sectors
ZFM
Sovereign
75.33%
Government Agencies
24.67%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of October 14, 2026
Top 10 Holdings
ZFM
Canada, Bonds 3.25% 1jun2035, CAD
15.37%
Canada, Bonds 3.25% 1dec2034, CAD
14.76%
Canada, Bonds 3% 1jun2034, CAD
13.90%
Canada, Bonds 1.5% 1dec2031 10Y
7.52%
Canada, Bonds 3.25% 1dec2033, CAD
6.76%
Canada, Bonds 3.25% 1dec2035, CAD
6.65%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
6.41%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
4.13%
CMHC, 3.5% 15dec2034, CAD (122)
4.05%
Canada, Bonds 2.75% 1jun2033, CAD
3.95%
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
ZFM
Total weight of top 10 holdings out of 18 total
83.48%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
ZFM
NSCB
| Provider | BMO | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada Mid Term Federal Bond TR Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.72% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | May 29, 2009 | January 23, 2020 |
Frequently asked questions about ZFM and NSCB
Which ETF has performed better year to date: ZFM or NSCB?
As of October 14, 2026, ZFM has returned -0.35% year to date, while NSCB has returned -2.62%. ZFM is ahead on YTD performance.
Which ETF is larger by assets under management: ZFM or NSCB?
As of October 14, 2026, ZFM manages $622.06 M in assets, while NSCB manages $2.80 B. NSCB is the larger fund by AUM.
How are ZFM and NSCB managed?
ZFM is passively managed by BMO. It tracks the FTSE Canada Mid Term Federal Bond TR Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do ZFM and NSCB emphasize?
ZFM is most exposed to Sovereign and Government Agencies. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZFM or NSCB?
Year to date, ZFM has seen -$176.80 M in net flows, compared with +$38.61 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of ZFM and NSCB compare?
ZFM has an expense ratio of 0.21%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of ZFM and NSCB?
ZFM's largest holdings include Canada, Bonds 3.25% 1jun2035, CAD, Canada, Bonds 3.25% 1dec2034, CAD, and Canada, Bonds 3% 1jun2034, 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: ZFM or NSCB?
ZFM holds 18 securities, while NSCB holds 152. On holdings count, NSCB is the more diversified portfolio.
Recent articles about ZFM and NSCB
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