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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 3/13/2026, 1:30 PM UTC
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This fund is part ofEmerging Markets Aggregate Bonds1M perf.-3.20%
Last price
$12.38
1M perf.
-1.58%
1M flows
+€6.7M
AuM
€517M
E/R
0.55%
Rating
Not rated
ESG Consensus®
ZEF
$12.38
Performance & flows
Segment for quartile rank
December 15, 2025 → March 13, 2026
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ZEF
$12.41
-0.40%
Emerging Markets Aggregate Bonds
-0.74%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -1.58%  | -0.40%  | +4.98%  | +20.89% | +1.66% | -1.55% | -0.60% | -0.60% | |
| 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
3/13/2026
$12.41
1D NAV change
-0.26%
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 | -0.40% | +4.98% | +20.89% | +1.66% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
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Enterprise
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Countries
Mexico
9.89%
Brazil
9.66%
Indonesia
9.64%
China
9.61%
Saudi Arabia
8.93%
Turkey
8.64%
Poland
6.37%
Argentina
5.66%
Unavailable
1.51%
Other
30.09%
Sectors
Sovereign
95.68%
Municipal
2.81%
Unavailable
1.51%
Diversification
Total weight of top 15 holdings out of 59
Top 15 holdings
Data as of January 31, 2026
Mexico, 3.5% 12feb2034, USD
Mexico, 2.659% 24may2031, USD
Indonesia, 3.85% 15oct2030, USD
China, 1.2% 21oct2030, USD
Mexico, 4.5% 22apr2029, USD
Brazil, 6.625% 15mar2035, USD
Brazil, 3.875% 12jun2030, USD
Indonesia, 4.7% 6jun2032, USD
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China, 2.125% 3dec2029, USD
Brazil, 4.5% 30may2029, USD
Indonesia, 4.4% 6jun2027, USD
China, 4.125% 20nov2027, USD
Ministry of Investment Saudi Arabia, 4.375% 16apr2029, USD
Ministry of Investment Saudi Arabia, 3.625% 4mar2028, USD
Ministry of Investment Saudi Arabia, 5.625% 13jan2035, USD
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Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
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Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of December 31, 2025
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
42.81% of holdings have positive scoring
58.73% of holdings have negative scoring
9.59%
30.26%
19.83%
35.36%
Consensus levels
Strong
Medium
Weak
Built for professionals: access exclusive sustainability metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseReplication
Trackinsight replication rating:
Not rated
Replication quality
Calculated over 12m, as of February 27, 2026
Tracking error
Tracking difference
Replication information
Index
Bloomberg Emerging Markets Tradable External Debt (EMTED) GDP Weighted Capped (CAD Hedged) Net Total Return Index - CAD
Index ticker
BEWNTRDH Index
Index dividend policy
NTR
Replication method
Replication model
Built for professionals: access exclusive replication metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
BMO
BMO ID Card
Number of funds
276
Total AuM
€114.93B
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 | €13.16B |
ZCN | BMO S&P/TSX Capped Composite Index ETF | €9.46B |
ZAG | BMO Aggregate Bond Index ETF | €7.75B |
ZEA | BMO MSCI EAFE Index ETF | €7.34B |
ZLB | BMO Low Volatility Canadian Equity ETF | €3.74B |
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 €517M in assets as of March 13, 2026.
How has ZEF performed lately?
Based on data from March 13, 2026, ZEF returned -1.58% over the past month, -0.40% over the last three months and -0.60% year-to-date.
What are the latest inflows or outflows for ZEF?
As of March 13, 2026, ZEF recorded net flows of +€6.7M over the last month and +€58M year-to-date.
Does ZEF distribute dividends?
ZEF follows a distributing dividend policy, meaning it pays out income to investors. As of March 13, 2026, its 12-month trailing yield was 4.30%.
What are the main country or region exposures of ZEF?
As of January 31, 2026, ZEF has significant geographic allocations in Mexico, Brazil and Indonesia.
In which sector or theme does ZEF invest in?
As of January 31, 2026, ZEF focuses largely on Sovereign and Municipal.
How many securities does ZEF hold and how diversified is it?
As of January 31, 2026, ZEF holds 59 positions in its portfolio, with 47.72% of assets concentrated in its top 15 holdings.
What are the main positions in ZEF?
As of January 31, 2026, ZEF top three holdings include Mexico, 3.5% 12feb2034, USD, Mexico, 2.659% 24may2031, USD and Indonesia, 3.85% 15oct2030, 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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