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ZEF ETF · BMO Emerging Markets Bond Hedged to CAD Index ETF
The ZEF Exchange Traded Fund (ETF) is provided by BMO. It is built to track an index: Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped Index. The ZEF ETF provides physical exposure, so by buying it you actually own parts of all the 59 underlying holdings. This share class generates a stream of income by distributing dividends.
Last update Yesterday at 1:30 PM UTC
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This fund is part ofEmerging Markets Aggregate Bonds1M perf.+2.84%
Last price
$12.49
1M perf.
+1.69%
1M flows
-€758K
AuM
€508M
E/R
0.55%
Rating
Not rated
ESG Consensus®
ZEF
$12.49
Performance & flows
Segment for quartile rank
January 26, 2026 → April 24, 2026
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ZEF
$12.47
+0.03%
Emerging Markets Aggregate Bonds
-0.17%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | +1.69%  | +0.03%  | +5.89% | +20.25%  | +2.05% | +1.66% | +1.66% | +0.19% | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
More details
NAV
4/24/2026
$12.47
1D NAV change
-0.01%
Dividend policy
Replication method
Direct (Physical)
Replication model
Optimized sampling
No. of holdings
59
Inception date
5/21/2010
Jurisdiction
Canada
Distribution
Canada
Legal structure
Unit Investment Trust
Base currency
CAD
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Product type
Benchmark
Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped Index
Asset class
Factors
N/A
Investment strategy
The BMO Emerging Markets Bond Hedged to CAD Index ETF has been designed to replicate, to the extent possible, the performance of the Barclays Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped Index CAD Hedged, net of expenses. The Fund invests in a diversified basket of US dollar denominated sovereign debt from emerging markets issuers by including up to three bonds per emerging market country. The US dollar exposure is hedged back to Canadian dollars.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +0.03% | +5.89% | +20.25% | +2.05% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
More exposure metrics are available, exclusively in Trackinsight Enterprise
Exposure
Countries
Mexico
10.20%
Brazil
10.05%
China
9.96%
Indonesia
9.90%
Saudi Arabia
9.23%
Turkey
8.70%
Argentina
7.07%
Poland
6.61%
Israel
4.60%
Other
25.74%
Sectors
Sovereign
99.14%
Municipal
2.92%
Diversification
Total weight of top 15 holdings out of 59
Top 15 holdings
Data as of March 31, 2026
Argentina, 1% 9jul2029, USD
Mexico, 3.5% 12feb2034, USD
Mexico, 4.5% 22apr2029, USD
China, 1.2% 21oct2030, USD
Mexico, 2.659% 24may2031, USD
Brazil, 6.625% 15mar2035, USD
Brazil, 3.875% 12jun2030, USD
Indonesia, 3.85% 15oct2030, USD
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China, 2.125% 3dec2029, USD
Brazil, 4.5% 30may2029, USD
Indonesia, 4.7% 6jun2032, USD
Indonesia, 4.4% 6jun2027, USD
China, 4.125% 20nov2027, USD
Ministry of Investment Saudi Arabia, 3.625% 4mar2028, USD
Ministry of Investment Saudi Arabia, 4.375% 16apr2029, USD
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More risk metrics are available, exclusively in Trackinsight Enterprise
Sustainability
Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of February 27, 2026
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about ZEF ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
ZEF’s has a Final Sustainability Grade of either C+, C, C-, or D.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
41.42% of holdings have positive scoring
56.57% of holdings have negative scoring
9.30%
29.16%
19.18%
33.97%
Consensus levels
Strong
Medium
Weak
No data on remaining 2.01% of holdings
More sustainability metrics are available, exclusively in Trackinsight Enterprise
Replication
Trackinsight replication rating:
Not rated
1-year trailing difference
As of March 31, 2026
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ZEF
N/A
Replication quality
Calculated over 12m, as of March 31, 2026
Tracking error
Tracking difference
1-year cumulative return difference
Best
Worst
Daily return difference
Average
Worst
Replication information
Index
Index ticker
Index dividend policy
Replication method
Replication model
Issuer
BMO
BMO ID Card
Number of funds
276
Total AuM
€118.38B
Expense ratio range
0.05% - 1.17%
Average expense ratio
0.4463%
Top 5 funds by BMO
| AuM | ||
|---|---|---|
ZSP | BMO S&P 500 Index ETF | €13.9B |
ZCN | BMO S&P/TSX Capped Composite Index ETF | €9.89B |
ZAG | BMO Aggregate Bond Index ETF | €7.68B |
ZEA | BMO MSCI EAFE Index ETF | €7.58B |
ZLB | BMO Low Volatility Canadian Equity ETF | €3.72B |
Frequently asked questions about ZEF
What does BMO Emerging Markets Bond Hedged to CAD Index ETF, ZEF, invest in?
ZEF is a Passive ETF. This ETF provides exposure to Emerging markets Mixed Ratings Government Bonds.
Which benchmark or index does ZEF replicate?
ZEF tracks the Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD, through a optimized sampling replication method.
What is the Total Expense ratio (TER) of ZEF?
ZEF carries a total expense ratio (TER) of 0.55%, indicating the annual cost for holding the fund.
When was ZEF launched?
ZEF was introduced to the market on May 21, 2010. It trades on Canada
Who is the ETF issuer of ZEF?
BMO Emerging Markets Bond Hedged to CAD Index ETF, ZEF, is provided by BMO. Learn more about BMO here.
What is the current assets under management (AUM) of ZEF?
ZEF oversees €508M in assets as of April 24, 2026.
How has ZEF performed lately?
Based on data from April 24, 2026, ZEF returned 1.69% over the past month, 0.03% over the last three months and 0.19% year-to-date.
What are the latest inflows or outflows for ZEF?
As of April 24, 2026, ZEF recorded net flows of -€766K over the last month and +€57M year-to-date.
Does ZEF distribute dividends?
ZEF follows a distributing dividend policy, meaning it pays out income to investors. As of April 24, 2026, its 12-month trailing yield was 4.26%.
What are the main country or region exposures of ZEF?
As of March 31, 2026, ZEF has significant geographic allocations in Mexico, Brazil and China.
In which sector or theme does ZEF invest in?
As of March 31, 2026, ZEF focuses largely on Sovereign and Municipal.
How many securities does ZEF hold and how diversified is it?
As of March 31, 2026, ZEF holds 59 positions in its portfolio, with 50.44% of assets concentrated in its top 15 holdings.
What are the main positions in ZEF?
As of March 31, 2026, ZEF top three holdings include Argentina, 1% 9jul2029, USD, Mexico, 3.5% 12feb2034, USD and Mexico, 4.5% 22apr2029, USD.
What is the base currency of ZEF?
The base currency of ZEF is CAD.
Is ZEF currency-hedged?
ZEF is hedged, meaning it seeks to minimize the impact of currency fluctuations between its base currency and the currency of the underlying assets.
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