VS
CI Canadian Government Floating Rate Index ETF (PFL) and BMO Discount Bond Index ETF (ZDB) 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 ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, PFL features a management fee (MER) of 0.2%, compared to 0.09% for ZDB. Performance-wise, PFL has returned 1.81% year-to-date with +$16 M in net flows, whereas ZDB is at 0.62% with +$275 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
ZDB
| AuM | $278.86 M | $1,400.13 M |
| Management Fees | 0.20% | 0.09% |
| Exp. ratio | 0.13% | 0.10% |
| 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% |
ZDB | -0.39% | -1.46% | -0.62% | -1.84% | +15.34% | |
| Flows | PFL | +$9 M | +$14 M | +$16 M | -$14 M | -$434 M |
ZDB | +$18 M | +$96 M | +$275 M | +$588 M | +$548 M |
PFL vs ZDB exposure
Countries
PFL
Canada
99.98%
ZDB
Canada
100.00%
Sectors
PFL
Government Agencies
77.66%
Municipal
22.32%
ZDB
Sovereign
33.39%
Municipal
31.40%
Finance
11.58%
Government Agencies
9.96%
Other
13.67%
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%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.56%
CMHC, 1.9% 15mar2031, CAD (100)
6.30%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.65%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.13%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.06%
Canada, Bonds 2.25% 1dec2029, CAD
4.57%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.27%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.65%
Diversification
PFL
Total weight of top 10 holdings out of 8 total
99.98%
ZDB
Total weight of top 10 holdings out of 45 total
59.81%
Characteristics
Compare
PFL
ZDB
| Provider | CI | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Government Floating Rate Note Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.31% | 1.84% |
| Meets ESG criteria | No | No |
| Inception Date | July 21, 2014 | February 10, 2014 |
Frequently asked questions about PFL and ZDB
Which ETF has performed better year to date: PFL or ZDB?
As of October 19, 2026, PFL has returned 1.81% year to date, while ZDB has returned -0.62%. PFL is ahead on YTD performance.
Which ETF is larger by assets under management: PFL or ZDB?
As of October 19, 2026, PFL manages $278.86 M in assets, while ZDB manages $1.40 B. ZDB is the larger fund by AUM.
How are PFL and ZDB managed?
PFL is passively managed by CI. It tracks the FTSE Canada Government Floating Rate Note Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do PFL and ZDB emphasize?
PFL is most exposed to Government Agencies and Municipal. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: PFL or ZDB?
Year to date, PFL has seen +$15.57 M in net flows, compared with +$275.25 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of PFL and ZDB compare?
PFL has an expense ratio of 0.13%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of PFL and ZDB?
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). ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Sun Life Financial, 2.06% 1oct2035, CAD (2020-2).
Which ETF is more diversified: PFL or ZDB?
PFL holds 8 securities, while ZDB holds 45. On holdings count, ZDB is the more diversified portfolio.
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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.