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Compare Invesco Ultra Liquid Long Term Government Bond Index ETF (PGL) vs BMO Long Federal Bond Index ETF (ZFL) to find the best fit for your portfolio. PGL provides Municipal, Sovereign, and Power exposures, while ZFL is primarily weighted in Sovereign. When evaluating costs, PGL features a management fee (MER) of 0.25%, compared to 0.2% for ZFL. Performance-wise, PGL has returned 0.24% year-to-date with -$8 M in net flows, whereas ZFL is at 0.72% with +$18 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
PGL
ZFL
| AuM | $71.90 M | $1,252.07 M |
| Management Fees | 0.25% | 0.20% |
| Exp. ratio | 0.27% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 29, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | PGL | +0.19% | -1.01% | -0.24% | -1.14% | -0.85% |
ZFL | -0.70% | -0.87% | -0.72% | -4.86% | -5.09% | |
| Flows | PGL | -$1 M | -$6 M | -$8 M | -$222 M | -$272 M |
ZFL | -$20 M | -$20 M | +$18 M | -$2,072 M | -$1,219 M |
PGL vs ZFL exposure
Countries
PGL
Canada
100.00%
ZFL
Canada
100.00%
Sectors
PGL
Municipal
63.63%
Sovereign
24.90%
Other
7.02%
ZFL
Sovereign
100.00%
As of April 29, 2026
Top 10 Holdings
PGL
Canada, Bonds 3.5% 1dec2057, CAD
5.07%
Canada, Bond 2 1jan2051 30Y
4.88%
Canada, Bonds 2.75% 1dec2055, CAD
4.79%
Canada, Bond 1.75 1dec2053 30Y
3.86%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
3.21%
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
2.39%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
2.20%
Province of Ontario, 4.65% 2jun2041, CAD (DMTN204)
2.20%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
2.19%
Province of Ontario, 3.75% 2dec2053, CAD (DMTN255)
2.00%
ZFL
Canada, Bonds 2.75% 1dec2055, CAD
21.62%
Canada, Bond 2 1jan2051 30Y
19.95%
Canada, Bond 4 1jun2041 30Y
19.25%
Canada, Bond 2.75 1dec2048 30Y
15.54%
Canada, Bond 3.5 1dec2045 30Y
11.37%
Canada, Bond 1.75 1dec2053 30Y
7.55%
Canada, Bonds 3.5% 1dec2057, CAD
4.71%
Diversification
PGL
Total weight of top 10 holdings out of 96 total
32.79%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
PGL
ZFL
| Provider | Invesco | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Ultra Liquid Long Term Government Bond Total Return Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.25% | 2.97% |
| Meets ESG criteria | No | No |
| Inception Date | June 15, 2011 | May 19, 2010 |
Frequently asked questions about PGL and ZFL
Which ETF has performed better year to date: PGL or ZFL?
As of April 29, 2026, PGL has returned -0.24% year to date, while ZFL has returned -0.72%. PGL is ahead on YTD performance.
Which ETF is larger by assets under management: PGL or ZFL?
As of April 29, 2026, PGL manages $71.90 M in assets, while ZFL manages $1.25 B. ZFL is the larger fund by AUM.
How are PGL and ZFL managed?
PGL is passively managed by Invesco. It tracks the FTSE TMX Canada Ultra Liquid Long Term Government Bond Total Return Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do PGL and ZFL emphasize?
PGL is most exposed to Municipal, Sovereign, and Power. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: PGL or ZFL?
Year to date, PGL has seen -$7.72 M in net flows, compared with +$17.61 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of PGL and ZFL compare?
PGL has an expense ratio of 0.27%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of PGL and ZFL?
PGL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD and Canada, Bond 2 1jan2051 30Y. ZFL's top holdings include Canada, Bonds 2.75% 1dec2055, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bond 4 1jun2041 30Y.
Which ETF is more diversified: PGL or ZFL?
PGL holds 87 securities, while ZFL holds 7. On holdings count, PGL is the more diversified portfolio.
Recent articles about PGL and ZFL
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