VS
BMO Long Provincial Bond Index ETF (ZPL) and BMO Government Bond Index ETF (ZGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPL focuses its top 3 sector exposures on Municipal and Utilities, while ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, ZPL features a management fee (MER) of 0.25%, compared to 0.15% for ZGB. Performance-wise, ZPL has returned 1.49% year-to-date with +$2 M in net flows, whereas ZGB is at 0.11% with -$198 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
ZGB
| AuM | $300.88 M | $1,244.50 M |
| Management Fees | 0.25% | 0.15% |
| Exp. ratio | 0.28% | 0.17% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPL | -2.30% | -4.49% | -1.49% | +1.79% | +7.65% |
ZGB | -1.27% | -1.77% | -0.11% | +1.64% | +11.47% | |
| Flows | ZPL | +$10 M | +$94 M | +$2 M | +$2 M | +$106 M |
ZGB | -$6 M | -$5 M | -$198 M | -$198 M | +$185 M |
ZPL vs ZGB exposure
Countries
ZPL
Canada
100.00%
ZGB
Canada
100.00%
Sectors
ZPL
Municipal
99.13%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
As of September 2, 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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
ZPL
Total weight of top 10 holdings out of 49 total
53.75%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
ZPL
ZGB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada Long Term Provincial Bond TR Index - CAD | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.71% | 3.15% |
| Meets ESG criteria | No | No |
| Inception Date | March 19, 2013 | March 7, 2018 |
Frequently asked questions about ZPL and ZGB
Which ETF has performed better year to date: ZPL or ZGB?
As of September 2, 2026, ZPL has returned -1.49% year to date, while ZGB has returned -0.11%. ZGB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPL or ZGB?
As of September 2, 2026, ZPL manages $300.88 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are ZPL and ZGB managed?
ZPL is passively managed by BMO. It tracks the FTSE Canada Long Term Provincial Bond TR Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZPL and ZGB emphasize?
ZPL is most exposed to Municipal and Utilities. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZPL or ZGB?
Year to date, ZPL has seen +$1.85 M in net flows, compared with -$197.62 M for ZGB. ZPL has attracted more net investor money so far.
How do the fees of ZPL and ZGB compare?
ZPL has an expense ratio of 0.28%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of ZPL and ZGB?
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). ZGB's top holdings include Canada, Bond 1.25 1jun2030 10Y, Canada, Bonds 2% 1jun2032, CAD, and Canada, Bonds 1.5% 1dec2031 10Y.
Which ETF is more diversified: ZPL or ZGB?
ZPL holds 49 securities, while ZGB holds 48. On holdings count, ZPL 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.