VS
BMO Mid Federal Bond Index ETF (ZFM) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFM focuses its top 3 sector exposures on Sovereign and Government Agencies, while ZFL leans towards Sovereign. When evaluating costs, ZFM features a management fee (MER) of 0.2%, compared to 0.2% for ZFL. Performance-wise, ZFM has returned 0.04% year-to-date with -$176 M in net flows, whereas ZFL is at 2.57% with +$180 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
ZFL
| AuM | $624.71 M | $1,376.74 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.21% | 0.22% |
| 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% |
ZFL | +1.76% | -2.82% | -2.57% | -6.17% | +4.00% | |
| Flows | ZFM | -$85 M | -$151 M | -$176 M | -$179 M | -$437 M |
ZFL | +$76 M | +$123 M | +$180 M | -$1,402 M | -$1,154 M |
ZFM vs ZFL exposure
Countries
ZFM
Canada
100.00%
ZFL
Canada
100.00%
Sectors
ZFM
Sovereign
75.33%
Government Agencies
24.67%
ZFL
Sovereign
100.00%
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%
ZFL
Canada, Bond 2 1jan2051 30Y
21.12%
Canada, Bonds 2.75% 1dec2055, CAD
16.14%
Canada, Bonds 3.5% 1dec2057, CAD
15.61%
Canada, Bond 3.5 1dec2045 30Y
14.76%
Canada, Bond 4 1jun2041 30Y
12.42%
Canada, Bond 2.75 1dec2048 30Y
11.36%
Canada, Bond 1.75 1dec2053 30Y
8.59%
Diversification
ZFM
Total weight of top 10 holdings out of 18 total
83.48%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
ZFM
ZFL
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Mid Term Federal Bond TR Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.71% | 2.93% |
| Meets ESG criteria | No | No |
| Inception Date | May 29, 2009 | May 19, 2010 |
Frequently asked questions about ZFM and ZFL
Which ETF has performed better year to date: ZFM or ZFL?
As of October 16, 2026, ZFM has returned -0.04% year to date, while ZFL has returned -2.57%. ZFM is ahead on YTD performance.
Which ETF is larger by assets under management: ZFM or ZFL?
As of October 16, 2026, ZFM manages $624.71 M in assets, while ZFL manages $1.38 B. ZFL is the larger fund by AUM.
How are ZFM and ZFL managed?
ZFM is passively managed by BMO. It tracks the FTSE Canada Mid Term Federal Bond TR Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do ZFM and ZFL emphasize?
ZFM is most exposed to Sovereign and Government Agencies. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: ZFM or ZFL?
Year to date, ZFM has seen -$176.08 M in net flows, compared with +$180.23 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of ZFM and ZFL compare?
ZFM has an expense ratio of 0.21%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of ZFM and ZFL?
ZFM's largest holdings include Canada, Bonds 3.25% 1jun2035, CAD, Canada, Bonds 3.25% 1dec2034, CAD, and Canada, Bonds 3% 1jun2034, CAD. ZFL's top holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD.
Which ETF is more diversified: ZFM or ZFL?
ZFM holds 18 securities, while ZFL holds 7. On holdings count, ZFM is the more diversified portfolio.
Recent articles about ZFM and ZFL
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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.