VS
BMO Long Provincial Bond Index ETF (ZPL) and iShares Core Canadian Long Term Bond Index ETF (XLB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPL focuses its top 3 sector exposures on Municipal and Utilities, while XLB leans towards Municipal, Sovereign, and Utilities. When evaluating costs, ZPL features a management fee (MER) of 0.25%, compared to 0.18% for XLB. Performance-wise, ZPL has returned 3.16% year-to-date with +$2 M in net flows, whereas XLB is at 3.36% with -$79 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
XLB
| AuM | $295.79 M | $714.72 M |
| Management Fees | 0.25% | 0.18% |
| Exp. ratio | 0.28% | 0.20% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 10, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPL | -2.05% | -4.68% | -3.16% | -3.93% | +5.76% |
XLB | -2.12% | -4.82% | -3.36% | -4.20% | +6.40% | |
| Flows | ZPL | +$10 M | +$103 M | +$2 M | +$1 M | +$105 M |
XLB | +$39 M | +$13 M | -$79 M | -$66 M | -$28 M |
ZPL vs XLB exposure
Countries
ZPL
Canada
100.00%
XLB
Canada
98.51%
Sectors
ZPL
Municipal
99.13%
XLB
Municipal
52.25%
Sovereign
18.69%
Utilities
10.96%
Other
18.10%
As of September 10, 2026
Top 10 Holdings
ZPL
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
7.96%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
6.53%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
6.37%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
6.27%
Province of Quebec, 3.5% 1dec2045, CAD (B112)
5.75%
Province of Ontario, 3.5% 2jun2043, CAD (DMTN214)
5.23%
Province of Ontario, 2.8% 2jun2048, CAD (DMTN231)
5.02%
Province of Ontario, 2.9% 2jun2049, CAD (DMTN236)
3.80%
Province of Quebec, 5% 1dec2041, CAD (B102)
3.58%
Province of Quebec, 4.25% 1dec2043, CAD (B106)
3.24%
XLB
Canada, Bonds 3.5% 1dec2057, CAD
5.00%
Canada, Bond 2 1jan2051 30Y
3.33%
Canada, Bonds 2.75% 1dec2055, CAD
3.23%
Canada, Bond 1.75 1dec2053 30Y
2.55%
Province of Quebec, 4.4% 1dec2055, CAD (B133)
2.19%
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
1.75%
Province of Ontario, 4.45% 2dec2056, CAD
1.69%
Province of Quebec, 4.2% 1dec2057, CAD (B137)
1.59%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
1.50%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
1.47%
Diversification
ZPL
Total weight of top 10 holdings out of 49 total
53.75%
XLB
Total weight of top 10 holdings out of 626 total
24.32%
Characteristics
Compare
ZPL
XLB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Provincial Bond TR Index - CAD | FTSE Canada Long Term Overall Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.78% | 4.31% |
| Meets ESG criteria | No | No |
| Inception Date | March 19, 2013 | November 6, 2006 |
Frequently asked questions about ZPL and XLB
Which ETF has performed better year to date: ZPL or XLB?
As of September 10, 2026, ZPL has returned -3.16% year to date, while XLB has returned -3.36%. ZPL is ahead on YTD performance.
Which ETF is larger by assets under management: ZPL or XLB?
As of September 10, 2026, ZPL manages $295.79 M in assets, while XLB manages $714.72 M. XLB is the larger fund by AUM.
How are ZPL and XLB managed?
ZPL is passively managed by BMO. It tracks the FTSE Canada Long Term Provincial Bond TR Index - CAD benchmark. XLB is passively managed by iShares. It tracks the FTSE Canada Long Term Overall Bond TR Index - CAD benchmark.
What sectors do ZPL and XLB emphasize?
ZPL is most exposed to Municipal and Utilities. XLB is most exposed to Municipal, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZPL or XLB?
Year to date, ZPL has seen +$1.85 M in net flows, compared with -$79.48 M for XLB. ZPL has attracted more net investor money so far.
How do the fees of ZPL and XLB compare?
ZPL has an expense ratio of 0.28%, while XLB has an expense ratio of 0.20%.
What are the top holdings of ZPL and XLB?
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). XLB's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: ZPL or XLB?
ZPL holds 49 securities, while XLB holds 626. On holdings count, XLB is the more diversified portfolio.
Recent articles about ZPL and XLB
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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.