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Invesco 1-3 Year Laddered Floating Rate Note Index ETF (PFL) and iShares Floating Rate Index ETF (XFR) 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 XFR leans towards Government agencies, Municipal, and Banks. When evaluating costs, PFL features a management fee (MER) of 0.2%, compared to 0.12% for XFR. Performance-wise, PFL has returned 0.78% year-to-date with -$5 M in net flows, whereas XFR is at 0.8% with +$60 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
XFR
| AuM | $257.82 M | $806.77 M |
| Management Fees | 0.20% | 0.12% |
| Exp. ratio | 0.13% | 0.13% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 29, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | PFL | +0.18% | +0.57% | +0.78% | +2.78% | +10.58% |
XFR | +0.22% | +0.54% | +0.80% | +3.02% | +12.69% | |
| Flows | PFL | -$8 M | +$1 M | -$5 M | -$126 M | -$506 M |
XFR | +$52 M | +$52 M | +$60 M | +$6 M | +$80 M |
PFL vs XFR exposure
Countries
PFL
Canada
100.00%
XFR
Canada
99.73%
Sectors
PFL
Government agencies
88.72%
Municipal
11.28%
XFR
Government agencies
45.33%
Other
32.71%
Municipal
12.35%
Banks
8.24%
As of April 29, 2026
Top 10 Holdings
PFL
CMHC, FRN 15mar2027, CAD (103)
16.72%
CMHC, FRN 15sep2026, CAD (99)
16.70%
Canada Housing Trust, FRN 15mar2028, CAD (111)
16.44%
Canada Housing Trust, FRN 15sep2027, CAD (108)
16.43%
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
11.28%
CMHC, FRN 15mar2029, CAD (119)
11.22%
Canada Housing Trust, FRN 15sep2028, CAD (114)
11.21%
XFR
Canada Housing Trust, FRN 15mar2028, CAD (111)
7.68%
Province of Ontario, FRN 27nov2028, CAD (DMTN261)
7.68%
Canada Housing Trust, FRN 15sep2027, CAD (108)
7.53%
Canada Housing Trust, FRN 15sep2028, CAD (114)
6.82%
CMHC, FRN 15sep2026, CAD (99)
6.36%
CMHC, FRN 15mar2027, CAD (103)
6.10%
CA68333ZBQ96
4.76%
Canada Housing Trust, FRN 15mar2030, CAD (124)
4.64%
CA74814ZFW82
4.63%
CA68333ZBL00
4.62%
Diversification
PFL
Total weight of top 10 holdings out of 7 total
100.00%
XFR
Total weight of top 10 holdings out of 27 total
60.84%
Characteristics
Compare
PFL
XFR
| Provider | Invesco | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada 1-3 Year Laddered Floating Rate Note TR Index - CAD | FTSE Canada Floating Rate Note TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.71% | 2.82% |
| Meets ESG criteria | No | No |
| Inception Date | July 21, 2014 | December 6, 2011 |
Frequently asked questions about PFL and XFR
Which ETF has performed better year to date: PFL or XFR?
As of April 29, 2026, PFL has returned 0.78% year to date, while XFR has returned 0.80%. XFR is ahead on YTD performance.
Which ETF is larger by assets under management: PFL or XFR?
As of April 29, 2026, PFL manages $257.82 M in assets, while XFR manages $806.77 M. XFR is the larger fund by AUM.
How are PFL and XFR managed?
PFL is passively managed by Invesco. It tracks the FTSE TMX Canada 1-3 Year Laddered Floating Rate Note TR Index - CAD benchmark. XFR is passively managed by iShares. It tracks the FTSE Canada Floating Rate Note TR Index - CAD benchmark.
What sectors do PFL and XFR emphasize?
PFL is most exposed to Government agencies and Municipal. XFR is most exposed to Government agencies, Municipal, and Banks.
Which ETF is attracting more investor flows: PFL or XFR?
Year to date, PFL has seen -$4.89 M in net flows, compared with +$60.12 M for XFR. XFR has attracted more net investor money so far.
How do the fees of PFL and XFR compare?
PFL has an expense ratio of 0.13%, while XFR has an expense ratio of 0.13%.
What are the top holdings of PFL and XFR?
PFL's largest holdings include CMHC, FRN 15mar2027, CAD (103), CMHC, FRN 15sep2026, CAD (99), and Canada Housing Trust, FRN 15mar2028, CAD (111). XFR's top holdings include Canada Housing Trust, FRN 15mar2028, CAD (111) and Province of Ontario, FRN 27nov2028, CAD (DMTN261).
Which ETF is more diversified: PFL or XFR?
PFL holds 7 securities, while XFR holds 19. On holdings count, XFR is the more diversified portfolio.
Recent articles about PFL and XFR
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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.