VS
BMO Long Provincial Bond Index ETF (ZPL) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPL focuses its top 3 sector exposures on Municipal and Power, while HEWB leans towards Financials. When evaluating costs, ZPL features a management fee (MER) of 0.25%, compared to 0.28% for HEWB. Performance-wise, ZPL has returned 1.59% year-to-date with -$101 M in net flows, whereas HEWB is at 22.28% with +$12 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
ZPL
HEWB
| AuM | $208.17 M | $308.67 M |
| Management Fees | 0.25% | 0.28% |
| Exp. ratio | 0.28% | 0.28% |
| Tracking Difference | - | -0.78% |
Historical performance and flows
As of June 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPL | +0.64% | +0.87% | +1.59% | +2.59% | +7.27% |
HEWB | +6.42% | +18.57% | +22.28% | +63.37% | +141.65% | |
| Flows | ZPL | -$5 M | -$127 M | -$101 M | -$126 M | +$12 M |
HEWB | +$0 M | +$8 M | +$12 M | +$10 M | +$14 M |
ZPL vs HEWB exposure
Countries
ZPL
Canada
100.00%
HEWB
Canada
99.99%
Sectors
ZPL
Municipal
96.64%
HEWB
Financials
99.99%
As of June 10, 2026
Top 10 Holdings
ZPL
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
7.91%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
7.14%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
6.39%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
6.27%
Province of Ontario, 3.5% 2jun2043, CAD (DMTN214)
5.18%
Province of Ontario, 2.8% 2jun2048, CAD (DMTN231)
5.01%
Province of Quebec, 3.5% 1dec2045, CAD (B112)
5.00%
Province of Quebec, 4.25% 1dec2043, CAD (B106)
4.03%
Province of Ontario, 2.9% 2jun2049, CAD (DMTN236)
3.79%
Province of Ontario, 4.65% 2jun2041, CAD (DMTN204)
3.46%
HEWB
ROYAL BK CANADA
17.10%
TORONTO DOMINION
16.90%
BNS
16.65%
BANK OF MONTREAL
16.51%
CDN IMPERIAL BK
16.48%
NATIONAL BANK OF CANADA
16.35%
Diversification
ZPL
Total weight of top 10 holdings out of 48 total
54.18%
HEWB
Total weight of top 10 holdings out of 6 total
99.99%
Characteristics
Compare
ZPL
HEWB
| Provider | BMO | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Provincial Bond TR Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 3.59% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | March 19, 2013 | January 23, 2019 |
Frequently asked questions about ZPL and HEWB
Which ETF has performed better year to date: ZPL or HEWB?
As of June 10, 2026, ZPL has returned 1.59% year to date, while HEWB has returned 22.28%. HEWB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPL or HEWB?
As of June 10, 2026, ZPL manages $208.17 M in assets, while HEWB manages $308.67 M. HEWB is the larger fund by AUM.
How are ZPL and HEWB managed?
ZPL is passively managed by BMO. It tracks the FTSE Canada Long Term Provincial Bond TR Index - CAD benchmark. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do ZPL and HEWB emphasize?
ZPL is most exposed to Municipal and Power. HEWB is most exposed to Financials.
Which ETF is attracting more investor flows: ZPL or HEWB?
Year to date, ZPL has seen -$101.04 M in net flows, compared with +$12.32 M for HEWB. HEWB has attracted more net investor money so far.
How do the fees of ZPL and HEWB compare?
ZPL has an expense ratio of 0.28%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of ZPL and HEWB?
ZPL's largest holdings include Province of Ontario, 3.45% 2jun2045, CAD (DMTN220), Province of Ontario, 2.9% 2dec2046, CAD (DMTN228), and Province of Quebec, 3.1% 1dec2051, CAD (B125-01). HEWB's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: ZPL or HEWB?
ZPL holds 46 securities, while HEWB holds 6. On holdings count, ZPL is the more diversified portfolio.
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