VS
BMO Mid Provincial Bond Index ETF (ZMP) and BMO Short Federal Bond Index ETF (ZFS) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZMP focuses its top 3 sector exposures on Municipal, while ZFS leans towards Sovereign and Government Agencies. When evaluating costs, ZMP features a management fee (MER) of 0.25%, compared to 0.2% for ZFS. Performance-wise, ZMP has returned 0.38% year-to-date with +$126 M in net flows, whereas ZFS is at 0.61% with +$607 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
ZMP
ZFS
| AuM | $832.37 M | $960.83 M |
| Management Fees | 0.25% | 0.20% |
| Exp. ratio | 0.28% | 0.21% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZMP | -1.17% | -1.23% | +0.38% | +2.34% | +16.38% |
ZFS | -0.46% | -0.19% | +0.61% | +1.58% | +11.98% | |
| Flows | ZMP | +$31 M | +$39 M | +$126 M | +$389 M | +$508 M |
ZFS | +$61 M | +$124 M | +$607 M | +$506 M | -$67 M |
ZMP vs ZFS exposure
Countries
ZMP
Canada
100.00%
ZFS
Canada
100.00%
Sectors
ZMP
Municipal
100.00%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
As of September 2, 2026
Top 10 Holdings
ZMP
Province of Ontario, 3.6% 2jun2035, CAD
11.87%
Province of Ontario, 3.65% 2jun2033, CAD (DMTN258)
11.42%
Province of Quebec, 3.6% 1sep2033, CAD (B135)
11.34%
Province of Ontario, 3.75% 2jun2032, CAD (DMTN254)
10.11%
Province of Quebec, 3.25% 1sep2032, CAD (B131)
9.11%
British Columbia, 4% 18jun2035, CAD (BCCD-48)
7.17%
Province of Quebec, 4.45% 1sep2034, CAD (B136)
6.69%
Province of Ontario, 4.15% 2jun2034, CAD (DMTN262)
5.12%
Manitoba, 4.25% 2jun2034, CAD
2.94%
Province of Quebec, 4% 1sep2035, CAD (B138)
2.86%
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
10.71%
Canada, Bonds 3.25% 1sep2028, CAD
8.77%
Canada, Bonds 2.75% 1mar2031, CAD
8.54%
Canada, Bonds 4% 1mar2029, CAD
8.18%
Canada, Bonds 2.75% 1mar2030, CAD
7.88%
Canada, Bonds 3.5% 1sep2029, CAD
7.35%
Canada, Bond 1.25 1jun2030 10Y
6.09%
Canada, Bonds 2.25% 1feb2028, CAD
5.76%
Canada, Bonds 3.5% 1mar2028, CAD
4.40%
CMHC, 1.75% 15jun2030, CAD (92)
4.13%
Diversification
ZMP
Total weight of top 10 holdings out of 23 total
78.63%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
ZMP
ZFS
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Mid Term Provincial Bond TR Index - CAD | FTSE TMX Canada Short Term Federal Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.31% | 2.56% |
| Meets ESG criteria | No | No |
| Inception Date | March 19, 2013 | October 20, 2009 |
Frequently asked questions about ZMP and ZFS
Which ETF has performed better year to date: ZMP or ZFS?
As of September 2, 2026, ZMP has returned 0.38% year to date, while ZFS has returned 0.61%. ZFS is ahead on YTD performance.
Which ETF is larger by assets under management: ZMP or ZFS?
As of September 2, 2026, ZMP manages $832.37 M in assets, while ZFS manages $960.83 M. ZFS is the larger fund by AUM.
How are ZMP and ZFS managed?
ZMP is passively managed by BMO. It tracks the FTSE Canada Mid Term Provincial Bond TR Index - CAD benchmark. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do ZMP and ZFS emphasize?
ZMP is most exposed to Municipal. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: ZMP or ZFS?
Year to date, ZMP has seen +$126.28 M in net flows, compared with +$607.42 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of ZMP and ZFS compare?
ZMP has an expense ratio of 0.28%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of ZMP and ZFS?
ZMP's largest holdings include Province of Ontario, 3.6% 2jun2035, CAD, Province of Ontario, 3.65% 2jun2033, CAD (DMTN258), and Province of Quebec, 3.6% 1sep2033, CAD (B135). ZFS's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: ZMP or ZFS?
ZMP holds 23 securities, while ZFS holds 24. On holdings count, ZFS 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.