VS
BMO Long Provincial Bond Index ETF (ZPL) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPL focuses its top 3 sector exposures on Municipal and Power, while ZFL leans towards Sovereign. When evaluating costs, ZPL features a management fee (MER) of 0.25%, compared to 0.2% for ZFL. Performance-wise, ZPL has returned 1.28% year-to-date with -$93 M in net flows, whereas ZFL is at 0.76% 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
ZPL
ZFL
| AuM | $216.53 M | $1,273.64 M |
| Management Fees | 0.25% | 0.20% |
| Exp. ratio | 0.28% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPL | +2.91% | -0.20% | +1.28% | +2.36% | +4.34% |
ZFL | +2.08% | -0.41% | +0.76% | -2.54% | -4.62% | |
| Flows | ZPL | -$125 M | -$112 M | -$93 M | -$83 M | +$25 M |
ZFL | -$18 M | -$18 M | +$18 M | -$2,066 M | -$1,212 M |
ZPL vs ZFL exposure
Countries
ZPL
Canada
100.00%
ZFL
Canada
100.00%
Sectors
ZPL
Municipal
97.46%
ZFL
Sovereign
100.00%
As of April 24, 2026
Top 10 Holdings
ZPL
Province of Ontario, 3.45% 2jun2045, CAD (DMTN220)
8.68%
Province of Ontario, 2.9% 2dec2046, CAD (DMTN228)
7.83%
Province of Quebec, 3.5% 1dec2048, CAD (B117)
7.69%
Province of Ontario, 2.8% 2jun2048, CAD (DMTN231)
6.93%
Province of Quebec, 3.5% 1dec2045, CAD (B112)
6.45%
Province of Quebec, 3.1% 1dec2051, CAD (B125-01)
6.40%
Province of Ontario, 3.5% 2jun2043, CAD (DMTN214)
5.21%
Province of Quebec, 4.25% 1dec2043, CAD (B106)
4.04%
Province of Ontario, 2.9% 2jun2049, CAD (DMTN236)
3.81%
Alberta, 3.3% 1dec2046, CAD
3.47%
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
ZPL
Total weight of top 10 holdings out of 40 total
60.51%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
ZPL
ZFL
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Provincial Bond TR 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 | 3.68% | 2.97% |
| Meets ESG criteria | No | No |
| Inception Date | March 19, 2013 | May 19, 2010 |
Frequently asked questions about ZPL and ZFL
Which ETF has performed better year to date: ZPL or ZFL?
As of April 24, 2026, ZPL has returned 1.28% year to date, while ZFL has returned 0.76%. ZPL is ahead on YTD performance.
Which ETF is larger by assets under management: ZPL or ZFL?
As of April 24, 2026, ZPL manages $216.53 M in assets, while ZFL manages $1.27 B. ZFL is the larger fund by AUM.
How are ZPL and ZFL managed?
ZPL is passively managed by BMO. It tracks the FTSE Canada Long Term Provincial Bond TR 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 ZPL and ZFL emphasize?
ZPL is most exposed to Municipal and Power. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: ZPL or ZFL?
Year to date, ZPL has seen -$93.15 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 ZPL and ZFL compare?
ZPL has an expense ratio of 0.28%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of ZPL and ZFL?
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, 3.5% 1dec2048, CAD (B117). 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: ZPL or ZFL?
ZPL holds 39 securities, while ZFL holds 7. On holdings count, ZPL is the more diversified portfolio.
Recent articles about ZPL and ZFL
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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.