VS
BMO Short Federal Bond Index ETF (ZFS) and BMO Equal Weight Utilities Index ETF (ZUT) 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 ZUT leans towards Utilities, Energy, and Industrials. When evaluating costs, ZFS features a management fee (MER) of 0.2%, compared to 0.55% for ZUT. Performance-wise, ZFS has returned 0.9% year-to-date with +$544 M in net flows, whereas ZUT is at 22.01% with -$126 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
ZUT
| AuM | $904.52 M | $852.91 M |
| Management Fees | 0.20% | 0.55% |
| Exp. ratio | 0.21% | 0.61% |
| Tracking Difference | - | -0.85% |
Historical performance and flows
As of July 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFS | +0.02% | +0.35% | +0.90% | +2.69% | +12.54% |
ZUT | +1.71% | +5.71% | +22.01% | +27.22% | +54.59% | |
| Flows | ZFS | +$13 M | +$84 M | +$544 M | +$455 M | -$139 M |
ZUT | -$60 M | -$66 M | -$126 M | -$42 M | +$188 M |
ZFS vs ZUT exposure
Countries
ZFS
Canada
71.37%
Other
28.63%
ZUT
Canada
83.77%
Bermuda
16.23%
Sectors
ZFS
Sovereign
46.96%
Other
28.63%
Government agencies
24.41%
ZUT
Utilities
84.34%
Energy
8.20%
Industrials
7.46%
As of July 17, 2026
Top 10 Holdings
ZFS
CA135087T388
10.70%
Canada, Bonds 3.25% 1sep2028, CAD
8.74%
Canada, Bonds 4% 1mar2029, CAD
8.17%
Canada, Bonds 2.75% 1mar2030, CAD
7.16%
Canada, Bonds 3.5% 1sep2029, CAD
6.61%
Canada, Bonds 3.5% 1mar2028, CAD
5.85%
CA135087T461
5.77%
Canada, Bond 1.25 1jun2030 10Y
5.39%
Canada Housing Trust, 3.6% 15dec2027, CAD (110)
4.39%
CA135087T792
4.27%
ZUT
Boralex, Inc.
9.57%
Brookfield Renewable Partners LP
8.77%
AltaGas Ltd.
8.20%
Capital Power Corp.
8.05%
TransAlta Corp.
7.83%
Northland Power, Inc.
7.73%
Brookfield Infrastructure Partners LP
7.46%
Canadian Utilities Ltd.
7.33%
ATCO Ltd.
7.25%
Emera, Inc.
7.16%
Diversification
ZFS
Total weight of top 10 holdings out of 22 total
67.06%
ZUT
Total weight of top 10 holdings out of 13 total
79.35%
Characteristics
Compare
ZFS
ZUT
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Federal Bond Index - CAD | Solactive Equal Weight Canada Utilities Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.55% | 2.72% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | January 19, 2010 |
Frequently asked questions about ZFS and ZUT
Which ETF has performed better year to date: ZFS or ZUT?
As of July 17, 2026, ZFS has returned 0.90% year to date, while ZUT has returned 22.01%. ZUT is ahead on YTD performance.
Which ETF is larger by assets under management: ZFS or ZUT?
As of July 17, 2026, ZFS manages $904.52 M in assets, while ZUT manages $852.91 M. ZFS is the larger fund by AUM.
How are ZFS and ZUT managed?
ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark. ZUT is passively managed by BMO. It tracks the Solactive Equal Weight Canada Utilities Total Return Index - CAD benchmark.
What sectors do ZFS and ZUT emphasize?
ZFS is most exposed to Sovereign and Government agencies. ZUT is most exposed to Utilities, Energy, and Industrials.
Which ETF is attracting more investor flows: ZFS or ZUT?
Year to date, ZFS has seen +$544.44 M in net flows, compared with -$125.69 M for ZUT. ZFS has attracted more net investor money so far.
How do the fees of ZFS and ZUT compare?
ZFS has an expense ratio of 0.21%, while ZUT has an expense ratio of 0.61%.
What are the top holdings of ZFS and ZUT?
ZFS's largest holdings include Canada, Bonds 3.25% 1sep2028, CAD and Canada, Bonds 4% 1mar2029, CAD. ZUT's top holdings include Boralex, Inc., Brookfield Renewable Partners LP, and AltaGas Ltd..
Which ETF is more diversified: ZFS or ZUT?
ZFS holds 17 securities, while ZUT holds 13. On holdings count, ZFS is the more diversified portfolio.
Recent articles about ZFS and ZUT
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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.