VS
CI Canadian Government Floating Rate Index ETF (PFL) and NBI Sustainable Canadian Bond ETF (NSCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that PFL focuses its top 3 sector exposures on Government Agencies and Municipal, while NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, PFL features a management fee (MER) of 0.2%, compared to 0.63% for NSCB. Performance-wise, PFL has returned 1.81% year-to-date with +$16 M in net flows, whereas NSCB is at 3.08% with +$39 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
PFL
NSCB
| AuM | $278.86 M | $2,791.60 M |
| Management Fees | 0.20% | 0.63% |
| Exp. ratio | 0.13% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | PFL | +0.17% | +0.44% | +1.81% | +2.36% | +9.25% |
NSCB | -0.78% | -2.39% | -3.08% | -5.23% | +5.62% | |
| Flows | PFL | +$9 M | +$14 M | +$16 M | -$14 M | -$434 M |
NSCB | +$1 M | +$43 M | +$39 M | +$52 M | +$913 M |
PFL vs NSCB exposure
Countries
PFL
Canada
99.98%
NSCB
Canada
94.79%
Sectors
PFL
Government Agencies
77.66%
Municipal
22.32%
NSCB
Finance
28.83%
Sovereign
19.54%
Utilities
19.38%
Municipal
16.63%
Industrials
7.35%
Other
8.27%
As of October 19, 2026
Top 10 Holdings
PFL
Canada Housing Trust, FRN 15mar2028, CAD (111)
16.44%
Canada Housing Trust, FRN 15sep2027, CAD (108)
16.43%
CMHC, FRN 15mar2029, CAD (119)
11.24%
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
11.24%
Canada Housing Trust, FRN 15sep2028, CAD (114)
11.22%
Canada Housing Trust, FRN 15mar2030, CAD (124)
11.16%
Canada Housing Trust, FRN 15sep2029, CAD (121)
11.16%
Province of Ontario, FRN 21feb2030, CAD (DMTN270)
11.08%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.82%
Canada, Bonds 3.25% 1mar2036, CAD
4.47%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.20%
Canada, Bonds 3.5% 1dec2056, CAD (D)
2.72%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.62%
Canada, Bonds 3% 1mar2032, CAD (C)
2.53%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.49%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.40%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.29%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.19%
Diversification
PFL
Total weight of top 10 holdings out of 8 total
99.98%
NSCB
Total weight of top 10 holdings out of 158 total
34.72%
Characteristics
Compare
PFL
NSCB
| Provider | CI | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE Canada Government Floating Rate Note Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.31% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | July 21, 2014 | January 23, 2020 |
Frequently asked questions about PFL and NSCB
Which ETF has performed better year to date: PFL or NSCB?
As of October 19, 2026, PFL has returned 1.81% year to date, while NSCB has returned -3.08%. PFL is ahead on YTD performance.
Which ETF is larger by assets under management: PFL or NSCB?
As of October 19, 2026, PFL manages $278.86 M in assets, while NSCB manages $2.79 B. NSCB is the larger fund by AUM.
How are PFL and NSCB managed?
PFL is passively managed by CI. It tracks the FTSE Canada Government Floating Rate Note Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do PFL and NSCB emphasize?
PFL is most exposed to Government Agencies and Municipal. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: PFL or NSCB?
Year to date, PFL has seen +$15.57 M in net flows, compared with +$39.15 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of PFL and NSCB compare?
PFL has an expense ratio of 0.13%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of PFL and NSCB?
PFL's largest holdings include Canada Housing Trust, FRN 15mar2028, CAD (111), Canada Housing Trust, FRN 15sep2027, CAD (108), and CMHC, FRN 15mar2029, CAD (119). NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: PFL or NSCB?
PFL holds 8 securities, while NSCB holds 152. On holdings count, NSCB is the more diversified portfolio.
Recent articles about PFL and NSCB
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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.