VS
BMO Short Provincial Bond Index ETF (ZPS) and NBI Sustainable Canadian Bond ETF (NSCB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while NSCB leans towards Finance, Sovereign, and Utilities. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.63% for NSCB. Performance-wise, ZPS has returned 1.01% year-to-date with +$21 M in net flows, whereas NSCB is at 1.57% with +$40 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
ZPS
NSCB
| AuM | $397.64 M | $2,835.76 M |
| Management Fees | 0.25% | 0.63% |
| Exp. ratio | 0.28% | 0.61% |
| Tracking Difference | - | - |
Historical performance and flows
As of November 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPS | +0.60% | -0.13% | +1.01% | +0.84% | +12.29% |
NSCB | +1.86% | -0.76% | -1.57% | -3.01% | +4.50% | |
| Flows | ZPS | +$6 M | +$7 M | +$21 M | +$27 M | +$62 M |
NSCB | +$2 M | +$42 M | +$40 M | +$52 M | +$873 M |
ZPS vs NSCB exposure
Countries
ZPS
Canada
100.00%
NSCB
Canada
96.25%
Sectors
ZPS
Municipal
100.00%
NSCB
Finance
30.50%
Sovereign
21.34%
Utilities
17.97%
Municipal
16.59%
Industrials
7.52%
As of November 3, 2026
Top 10 Holdings
ZPS
Province of Quebec, 2.3% 1sep2029, CAD (B126)
11.09%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
9.30%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
9.27%
Alberta, 2.05% 1jun2030, CAD
8.53%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
8.15%
Province of Quebec, 1.9% 1sep2030, CAD (B127)
7.66%
British Columbia, 2.2% 18jun2030, CAD (BCCD-40)
7.01%
Province of Ontario, 1.35% 2dec2030, CAD (DMTN248)
6.71%
Province of Ontario, 2.95% 8sep2030, CAD
3.19%
British Columbia, 1.55% 18jun2031, CAD (BCCD-41)
2.97%
NSCB
Canada, Bonds 3.5% 1mar2034, CAD
9.76%
Canada, Bonds 3.25% 1mar2036, CAD
5.15%
Hydro-Quebec, 5% 15feb2050, CAD (JN)
3.26%
Canada, Bonds 3.5% 1dec2056, CAD (D)
3.14%
Province of Ontario, 4.1% 7oct2054, CAD (DMTN267)
2.59%
PSP Capital, 4.4% 2dec2030, CAD (G-13)
2.48%
PSP Capital, 2.6% 1mar2032, CAD (G-4)
2.46%
Canada, Bonds 3% 1mar2032, CAD (C)
2.29%
Hydro-Quebec, 4% 15feb2055, CAD (JQ)
2.26%
Province of Ontario, FRN 19nov2030, CAD (DMTN274)
2.22%
Diversification
ZPS
Total weight of top 10 holdings out of 27 total
73.86%
NSCB
Total weight of top 10 holdings out of 160 total
35.64%
Characteristics
Compare
ZPS
NSCB
| Provider | BMO | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | FTSE TMX Canada Short Term Provincial Bond Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.53% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | October 20, 2009 | January 23, 2020 |
Frequently asked questions about ZPS and NSCB
Which ETF has performed better year to date: ZPS or NSCB?
As of November 3, 2026, ZPS has returned 1.01% year to date, while NSCB has returned -1.57%. ZPS is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or NSCB?
As of November 3, 2026, ZPS manages $397.64 M in assets, while NSCB manages $2.84 B. NSCB is the larger fund by AUM.
How are ZPS and NSCB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. NSCB is actively managed by National Bank Investments. It does not track an index.
What sectors do ZPS and NSCB emphasize?
ZPS is most exposed to Municipal. NSCB is most exposed to Finance, Sovereign, and Utilities.
Which ETF is attracting more investor flows: ZPS or NSCB?
Year to date, ZPS has seen +$21.09 M in net flows, compared with +$39.70 M for NSCB. NSCB has attracted more net investor money so far.
How do the fees of ZPS and NSCB compare?
ZPS has an expense ratio of 0.28%, while NSCB has an expense ratio of 0.61%.
What are the top holdings of ZPS and NSCB?
ZPS's largest holdings include Province of Quebec, 2.3% 1sep2029, CAD (B126), Province of Ontario, 2.05% 2jun2030, CAD (DMTN243), and Province of Ontario, 1.55% 1nov2029, CAD (DMTN251). NSCB's top holdings include Canada, Bonds 3.5% 1mar2034, CAD, Canada, Bonds 3.25% 1mar2036, CAD, and Hydro-Quebec, 5% 15feb2050, CAD (JN).
Which ETF is more diversified: ZPS or NSCB?
ZPS holds 27 securities, while NSCB holds 154. On holdings count, NSCB is the more diversified portfolio.
Recent articles about ZPS and NSCB
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