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Compare BMO Mid Federal Bond Index ETF (ZFM) vs RBC Canadian Discount Bond ETF (RCDB) to find the best fit for your portfolio. ZFM provides Sovereign and Government Agencies exposures, while RCDB is primarily weighted in Finance, Municipal, and Sovereign. When evaluating costs, ZFM features a management fee (MER) of 0.2%, compared to 0.15% for RCDB. Performance-wise, ZFM has returned 0.04% year-to-date with -$176 M in net flows, whereas RCDB is at 1.23% with +$139 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
RCDB
| AuM | $624.71 M | $1,400.14 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.21% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFM | +1.07% | -1.13% | -0.04% | -1.44% | +14.77% |
RCDB | +0.64% | -0.04% | +1.23% | +1.16% | +15.49% | |
| Flows | ZFM | -$85 M | -$151 M | -$176 M | -$179 M | -$437 M |
RCDB | -$33 M | -$9 M | +$139 M | +$160 M | +$348 M |
ZFM vs RCDB exposure
Countries
ZFM
Canada
100.00%
RCDB
Canada
99.08%
Sectors
ZFM
Sovereign
75.33%
Government Agencies
24.67%
RCDB
Finance
32.14%
Municipal
16.92%
Sovereign
16.13%
Utilities
7.90%
Government Agencies
7.17%
Other
19.73%
As of October 16, 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%
RCDB
Canada, Bond 2 1jun2028 10Y
4.51%
Canada, Bond 0.5 1oct2030 10Y
3.70%
CMHC, 2.35% 15mar2028, CAD (80)
3.42%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
3.40%
Bell Canada, 1.65% 16aug2027, CAD (M-53)
2.24%
Province of Quebec, 1.9% 1sep2030, CAD (B127)
2.05%
CMHC, 1.75% 15jun2030, CAD (92)
2.02%
Royal Bank of Canada, 3.572% 9dec2031, CAD
1.92%
Hydro-Quebec, 2% 1sep2028, CAD (0082)
1.88%
Canada, Bonds 1.5% 1dec2031 10Y
1.78%
Diversification
ZFM
Total weight of top 10 holdings out of 18 total
83.48%
RCDB
Total weight of top 10 holdings out of 111 total
26.91%
Characteristics
Compare
ZFM
RCDB
| Provider | BMO | RBC Global Asset Management |
| 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 | 2.71% | 2.26% |
| Meets ESG criteria | No | No |
| Inception Date | May 29, 2009 | June 12, 2019 |
Frequently asked questions about ZFM and RCDB
Which ETF has performed better year to date: ZFM or RCDB?
As of October 16, 2026, ZFM has returned -0.04% year to date, while RCDB has returned 1.23%. RCDB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFM or RCDB?
As of October 16, 2026, ZFM manages $624.71 M in assets, while RCDB manages $1.40 B. RCDB is the larger fund by AUM.
How are ZFM and RCDB managed?
ZFM is passively managed by BMO. It tracks the FTSE Canada Mid Term Federal Bond TR Index - CAD benchmark. RCDB is actively managed by RBC Global Asset Management. It does not track an index.
What sectors do ZFM and RCDB emphasize?
ZFM is most exposed to Sovereign and Government Agencies. RCDB is most exposed to Finance, Municipal, and Sovereign.
Which ETF is attracting more investor flows: ZFM or RCDB?
Year to date, ZFM has seen -$176.08 M in net flows, compared with +$139.16 M for RCDB. RCDB has attracted more net investor money so far.
How do the fees of ZFM and RCDB compare?
ZFM has an expense ratio of 0.21%, while RCDB has an expense ratio of 0.17%.
What are the top holdings of ZFM and RCDB?
ZFM's largest holdings include Canada, Bonds 3.25% 1jun2035, CAD, Canada, Bonds 3.25% 1dec2034, CAD, and Canada, Bonds 3% 1jun2034, CAD. RCDB's top holdings include Canada, Bond 2 1jun2028 10Y, Canada, Bond 0.5 1oct2030 10Y, and CMHC, 2.35% 15mar2028, CAD (80).
Which ETF is more diversified: ZFM or RCDB?
ZFM holds 18 securities, while RCDB holds 111. On holdings count, RCDB is the more diversified portfolio.
Recent articles about ZFM and RCDB
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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.