VS
BMO Short Provincial Bond Index ETF (ZPS) and RBC Canadian Discount Bond ETF (RCDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while RCDB leans towards Finance, Municipal, and Sovereign. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.15% for RCDB. Performance-wise, ZPS has returned 1.01% year-to-date with +$21 M in net flows, whereas RCDB is at 1.54% with +$117 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
RCDB
| AuM | $397.64 M | $1,379.89 M |
| Management Fees | 0.25% | 0.15% |
| Exp. ratio | 0.28% | 0.17% |
| 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% |
RCDB | +0.63% | +0.13% | +1.54% | +1.53% | +14.42% | |
| Flows | ZPS | +$6 M | +$7 M | +$21 M | +$27 M | +$62 M |
RCDB | -$31 M | -$37 M | +$117 M | +$135 M | +$306 M |
ZPS vs RCDB exposure
Countries
ZPS
Canada
100.00%
RCDB
Canada
99.06%
Sectors
ZPS
Municipal
100.00%
RCDB
Finance
31.62%
Municipal
17.42%
Sovereign
16.08%
Utilities
8.07%
Government Agencies
7.16%
Other
19.65%
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%
RCDB
Canada, Bond 2 1jun2028 10Y
4.52%
Canada, Bond 0.5 1oct2030 10Y
3.68%
CMHC, 2.35% 15mar2028, CAD (80)
3.42%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
3.39%
Bell Canada, 1.65% 16aug2027, CAD (M-53)
2.25%
Province of Quebec, 1.9% 1sep2030, CAD (B127)
2.03%
CMHC, 1.75% 15jun2030, CAD (92)
2.01%
Royal Bank of Canada, 3.572% 9dec2031, CAD
1.91%
Hydro-Quebec, 2% 1sep2028, CAD (0082)
1.88%
Canada, Bonds 1.5% 1dec2031 10Y
1.76%
Diversification
ZPS
Total weight of top 10 holdings out of 27 total
73.86%
RCDB
Total weight of top 10 holdings out of 112 total
26.85%
Characteristics
Compare
ZPS
RCDB
| Provider | BMO | RBC Global Asset Management |
| 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% | 2.23% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | June 12, 2019 |
Frequently asked questions about ZPS and RCDB
Which ETF has performed better year to date: ZPS or RCDB?
As of November 3, 2026, ZPS has returned 1.01% year to date, while RCDB has returned 1.54%. RCDB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or RCDB?
As of November 3, 2026, ZPS manages $397.64 M in assets, while RCDB manages $1.38 B. RCDB is the larger fund by AUM.
How are ZPS and RCDB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. RCDB is actively managed by RBC Global Asset Management. It does not track an index.
What sectors do ZPS and RCDB emphasize?
ZPS is most exposed to Municipal. RCDB is most exposed to Finance, Municipal, and Sovereign.
Which ETF is attracting more investor flows: ZPS or RCDB?
Year to date, ZPS has seen +$21.09 M in net flows, compared with +$117.05 M for RCDB. RCDB has attracted more net investor money so far.
How do the fees of ZPS and RCDB compare?
ZPS has an expense ratio of 0.28%, while RCDB has an expense ratio of 0.17%.
What are the top holdings of ZPS and RCDB?
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). RCDB's top holdings include Canada, Bond 2 1jun2028 10Y, Canada, Bond 0.5 1oct2030 10Y, and CMHC, 2.35% 15mar2028, CAD (80).
Which ETF is more diversified: ZPS or RCDB?
ZPS holds 27 securities, while RCDB holds 112. On holdings count, RCDB is the more diversified portfolio.
Recent articles about ZPS and RCDB
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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.