VS
BMO Short Federal Bond Index ETF (ZFS) and RBC Canadian Discount Bond ETF (RCDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFS focuses its top 3 sector exposures on Sovereign and Government Agencies, while RCDB leans towards Finance, Municipal, and Sovereign. When evaluating costs, ZFS features a management fee (MER) of 0.2%, compared to 0.15% for RCDB. Performance-wise, ZFS has returned 0.87% year-to-date with +$741 M in net flows, whereas RCDB is at 1.29% with +$110 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
ZFS
RCDB
| AuM | $1,093.36 M | $1,369.10 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.21% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFS | +0.74% | -0.11% | +0.87% | +0.74% | +11.85% |
RCDB | +0.65% | -0.00% | +1.29% | +1.28% | +14.90% | |
| Flows | ZFS | +$38 M | +$195 M | +$741 M | +$734 M | +$139 M |
RCDB | -$38 M | -$44 M | +$110 M | +$126 M | +$308 M |
ZFS vs RCDB exposure
Countries
ZFS
Canada
100.00%
RCDB
Canada
99.06%
Sectors
ZFS
Sovereign
75.70%
Government Agencies
24.30%
RCDB
Finance
31.62%
Municipal
17.42%
Sovereign
16.08%
Utilities
8.07%
Government Agencies
7.16%
Other
19.65%
As of October 30, 2026
Top 10 Holdings
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
11.33%
Canada, Bonds 4% 1mar2029, CAD
9.63%
Canada, Bonds 3.25% 1sep2028, CAD
8.76%
Canada, Bonds 2.25% 1feb2028, CAD
7.95%
Canada, Bonds 2.75% 1mar2030, CAD
7.83%
Canada, Bonds 2.75% 1mar2031, CAD
7.75%
Canada, Bonds 3.5% 1sep2029, CAD
7.31%
Canada, Bond 1.25 1jun2030 10Y
6.06%
Canada, Bond 1.5 1jun2031 10Y
3.98%
Canada, Bonds 3.5% 1mar2028, CAD
3.67%
RCDB
Canada, Bond 2 1jun2028 10Y
4.52%
Canada, Bond 0.5 1oct2030 10Y
3.68%
CMHC, 2.35% 15mar2028, CAD (80)
3.42%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
3.39%
Bell Canada, 1.65% 16aug2027, CAD (M-53)
2.25%
Province of Quebec, 1.9% 1sep2030, CAD (B127)
2.03%
CMHC, 1.75% 15jun2030, CAD (92)
2.01%
Royal Bank of Canada, 3.572% 9dec2031, CAD
1.91%
Hydro-Quebec, 2% 1sep2028, CAD (0082)
1.88%
Canada, Bonds 1.5% 1dec2031 10Y
1.76%
Diversification
ZFS
Total weight of top 10 holdings out of 22 total
74.28%
RCDB
Total weight of top 10 holdings out of 112 total
26.85%
Characteristics
Compare
ZFS
RCDB
| Provider | BMO | RBC Global Asset Management |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE TMX Canada Short Term Federal Bond Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.53% | 2.24% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | June 12, 2019 |
Frequently asked questions about ZFS and RCDB
Which ETF has performed better year to date: ZFS or RCDB?
As of October 30, 2026, ZFS has returned 0.87% year to date, while RCDB has returned 1.29%. RCDB is ahead on YTD performance.
Which ETF is larger by assets under management: ZFS or RCDB?
As of October 30, 2026, ZFS manages $1.09 B in assets, while RCDB manages $1.37 B. RCDB is the larger fund by AUM.
How are ZFS and RCDB managed?
ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark. RCDB is actively managed by RBC Global Asset Management. It does not track an index.
What sectors do ZFS and RCDB emphasize?
ZFS is most exposed to Sovereign and Government Agencies. RCDB is most exposed to Finance, Municipal, and Sovereign.
Which ETF is attracting more investor flows: ZFS or RCDB?
Year to date, ZFS has seen +$741.10 M in net flows, compared with +$109.65 M for RCDB. ZFS has attracted more net investor money so far.
How do the fees of ZFS and RCDB compare?
ZFS has an expense ratio of 0.21%, while RCDB has an expense ratio of 0.17%.
What are the top holdings of ZFS and RCDB?
ZFS's largest holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 4% 1mar2029, CAD, and Canada, Bonds 3.25% 1sep2028, 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: ZFS or RCDB?
ZFS holds 22 securities, while RCDB holds 112. On holdings count, RCDB is the more diversified portfolio.
Recent articles about ZFS 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.