NBI Unconstrained Fixed Income ETF (NUBF)

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• Investment focus:Global bonds of all credit qualities
• Category:US and global bonds
• Management style:Active
• Managed by:National Bank Investments
• Market data as of:October 30, 2026

With C$2.98 billion in assets, NUBF is the 14th largest of the 42 bond ETFs WOWA tracks. Its management expense ratio (MER) is 0.88%, and over the past 12 months it paid out 4.57% of its unit price in distributions.

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NBI Unconstrained Fixed Income ETF (NUBF) is a bond ETF from National Bank Investments, launched on October 18, 2019. It is an actively managed global bond fund, sub-advised by J.P. Morgan, free to move across countries, credit ratings and bond types. It is measured against a CAD-hedged global bond index but does not copy it.

NUBF is measured against a Bloomberg index of investment-grade government and corporate bonds from around the world, hedged to Canadian dollars. It doesn’t try to copy it. J.P. Morgan runs the money and can move between countries, credit ratings and types of bonds, with up to about half in emerging markets. Bonds rated below investment grade are a normal part of the mix. It also uses interest-rate and credit-default swaps heavily, and some of its biggest positions are swaps.

NUBF can hold bonds in foreign currencies and does not publish a fixed hedging policy, so part of its return can come from exchange rates.

Total returns with distributions reinvested, in CAD, as of October 30, 2026. Category median: the middle value among the funds in the US and global group with a return for that period (10 funds for one and three years, 9 for five years, 6 for ten years). N/A: no complete return record for the period. Past performance does not predict future results.

$10,000 invested in NUBF five years ago would be worth about $10,500 as of October 30, 2026, with distributions reinvested and before taxes and trading costs.

Volatility shows how much monthly returns have swung, as a yearly percentage. The Sharpe ratio compares the return above 3-month Government of Canada T-bills with that volatility. Higher means more return for each unit of risk, and below 0 means the fund earned less than T-bills.

NUBF pays distributions monthly. Over the 12 months to October 30, 2026, it paid 4.57% of its unit price, its trailing distribution yield. Amounts can change from one payment to the next.

• Foreign income is also taxed as regular income. For funds that hold foreign bonds, it is mostly interest from those bonds.

Inside a TFSA or RRSP, the type of income does not change your tax. Our guide to registered and non-registered accounts explains the trade-offs.

2025 tax-year breakdown reported for the fund. Shares of the total distribution per unit.

National Bank Investments rates NUBF’s risk as low on the standard Canadian fund scale, which runs from low to high. The rating reflects how much the fund’s returns have varied, not the chance that a borrower defaults.

About a third of the fund is rated below investment grade, and it uses swaps heavily. NBI publishes no currency hedging policy.

• Interest rates: The managers can lengthen or shorten maturities, so its sensitivity to rates changes over time.
• Credit: It can hold bonds rated below investment grade, which adds default risk.
• Currency: It can hold foreign-currency bonds and does not publish a fixed hedging policy.
• Active management: Results depend on the managers' choices of bonds, maturities and credit, so returns can differ from any benchmark.
• Flexibility: It may add foreign, high-yield or derivative positions, so its holdings can shift over time.
• Trading: Average volume on its listing exchange is about 4,144 units a day, so check the bid-ask spread and use a limit order.

General pointers based on the fund’s category, structure and costs, not personal advice.

NUBF ranks 14th by assets among the 42 bond ETFs WOWA monitors, 42nd by lowest MER, and 5th of 9 by five-year return in the US and global group, as of October 30, 2026. See the full list of Canadian bond ETFs.

NUBF is in the US and global group on our Best Canadian Bond ETFs page. These are the largest other funds in that group.

See all 10 funds in this group.

You can buy NUBF through any Canadian brokerage account, including a TFSA, RRSP or FHSA, by searching for its ticker. When comparing Canadian trading platforms, look at commissions, account fees and currency-conversion costs.

Before you place the order, check the bid-ask spread and consider a limit order, which caps the price you pay but may not fill. If this is your first account, our brokerage account guide walks you through opening one. Buying inside a TFSA? Our guide to the best TFSA investment options covers the other choices for that account.

If you’re from National Bank Investments and would like to add or update information on this page, please contact us.

Returns, volatility, Sharpe ratios, trailing yield and trading volume: WOWA calculations from Yahoo Finance prices adjusted for distributions, as of October 30, 2026. Assets under management: as of October 30, 2026. Fees, risk rating and inception date: National Bank Investments fund documents. Distribution breakdown: 2025 tax year. Fund page: NBI Unconstrained Fixed Income ETF.

Disclaimer: This page is for general information only and is not investment advice. WOWA does not recommend any specific fund. Figures come from issuer and third-party sources, may contain errors and can change after publication, so check the fund’s own documents before you invest.