VS
Compare BMO Real Return Bond Index ETF (ZRR) vs BMO Long Federal Bond Index ETF (ZFL) to find the best fit for your portfolio. ZRR and ZFL provide the same top sector exposures: Sovereign. When evaluating costs, ZRR features a management fee (MER) of 0.25%, compared to 0.2% for ZFL. Performance-wise, ZRR has returned 3.93% year-to-date with -$8 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
ZRR
ZFL
| AuM | $92.73 M | $1,376.74 M |
| Management Fees | 0.25% | 0.20% |
| Exp. ratio | 0.28% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZRR | +1.13% | +0.46% | +3.93% | +1.29% | +18.00% |
ZFL | +1.76% | -2.82% | -2.57% | -6.17% | +4.00% | |
| Flows | ZRR | -$7 M | -$9 M | -$8 M | +$3 M | +$0 M |
ZFL | +$76 M | +$123 M | +$180 M | -$1,402 M | -$1,154 M |
ZRR vs ZFL exposure
Countries
ZRR
Canada
100.00%
ZFL
Canada
100.00%
Sectors
ZRR
Sovereign
100.00%
ZFL
Sovereign
100.00%
As of October 16, 2026
Top 10 Holdings
ZRR
Canada, RRB 4% 1dec2031, CAD
16.66%
Canada, RRB 1.5% 1dec2044, CAD
14.86%
Canada, RRB 3% 1dec2036, CAD
14.79%
Canada, RRB 2% 1dec2041, CAD
14.25%
Canada, RRB 4.25% 1dec2026, CAD (VS05)
13.62%
Canada, RRB 1.25% 1dec2047, CAD
12.98%
Canada, RRB 0.5% 1dec2050, CAD
10.37%
Canada, RRB 0.25r 1dec2054 30Y
2.47%
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
ZRR
Total weight of top 10 holdings out of 8 total
100.00%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
ZRR
ZFL
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Real Return Non-Agency Bond 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 | 4.50% | 2.93% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | May 19, 2010 |
Frequently asked questions about ZRR and ZFL
Which ETF has performed better year to date: ZRR or ZFL?
As of October 16, 2026, ZRR has returned 3.93% year to date, while ZFL has returned -2.57%. ZRR is ahead on YTD performance.
Which ETF is larger by assets under management: ZRR or ZFL?
As of October 16, 2026, ZRR manages $92.73 M in assets, while ZFL manages $1.38 B. ZFL is the larger fund by AUM.
How are ZRR and ZFL managed?
ZRR is passively managed by BMO. It tracks the FTSE TMX Canada Real Return Non-Agency Bond 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 ZRR and ZFL emphasize?
ZRR is most exposed to Sovereign. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: ZRR or ZFL?
Year to date, ZRR has seen -$8.30 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 ZRR and ZFL compare?
ZRR has an expense ratio of 0.28%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of ZRR and ZFL?
ZRR's largest holdings include Canada, RRB 4% 1dec2031, CAD, Canada, RRB 1.5% 1dec2044, CAD, and Canada, RRB 3% 1dec2036, 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: ZRR or ZFL?
ZRR holds 8 securities, while ZFL holds 7. On holdings count, ZRR is the more diversified portfolio.
Recent articles about ZRR 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.