VS
BMO Short Provincial Bond Index ETF (ZPS) and iShares Canadian Government Bond Index ETF (XGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while XGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.12% for XGB. Performance-wise, ZPS has returned 1.01% year-to-date with +$21 M in net flows, whereas XGB is at 1.11% with -$216 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
XGB
| AuM | $397.64 M | $1,615.34 M |
| Management Fees | 0.25% | 0.12% |
| Exp. ratio | 0.28% | 0.13% |
| 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% |
XGB | +2.10% | -0.04% | +1.11% | +0.08% | +12.78% | |
| Flows | ZPS | +$6 M | +$7 M | +$21 M | +$27 M | +$62 M |
XGB | +$23 M | -$45 M | -$216 M | -$135 M | +$679 M |
ZPS vs XGB exposure
Countries
ZPS
Canada
100.00%
XGB
Canada
98.12%
Sectors
ZPS
Municipal
100.00%
XGB
Sovereign
43.89%
Municipal
37.85%
Government Agencies
9.36%
Other
8.90%
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%
XGB
Canada, Bonds 2.75% 1sep2030, CAD
2.12%
Canada, Bonds 2.75% 1mar2031, CAD
2.02%
Canada, Bonds 3.25% 1jun2035, CAD
1.98%
Canada, Bonds 3.25% 1jun2036, CAD
1.96%
Canada, Bonds 3.25% 1dec2035, CAD
1.89%
Canada, Bonds 3% 1sep2031, CAD
1.88%
Canada, Bonds 3% 1jun2034, CAD
1.62%
Canada, Bonds 3.5% 1dec2057, CAD
1.48%
Canada, Bonds 3.5% 1sep2029, CAD
1.47%
Canada, Bond 1.5 1jun2031 10Y
1.45%
Diversification
ZPS
Total weight of top 10 holdings out of 27 total
73.86%
XGB
Total weight of top 10 holdings out of 552 total
17.88%
Characteristics
Compare
ZPS
XGB
| Provider | BMO | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Provincial Bond 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 | 2.53% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | November 6, 2006 |
Frequently asked questions about ZPS and XGB
Which ETF has performed better year to date: ZPS or XGB?
As of November 3, 2026, ZPS has returned 1.01% year to date, while XGB has returned 1.11%. XGB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or XGB?
As of November 3, 2026, ZPS manages $397.64 M in assets, while XGB manages $1.62 B. XGB is the larger fund by AUM.
How are ZPS and XGB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. XGB is passively managed by iShares. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZPS and XGB emphasize?
ZPS is most exposed to Municipal. XGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZPS or XGB?
Year to date, ZPS has seen +$21.09 M in net flows, compared with -$216.20 M for XGB. ZPS has attracted more net investor money so far.
How do the fees of ZPS and XGB compare?
ZPS has an expense ratio of 0.28%, while XGB has an expense ratio of 0.13%.
What are the top holdings of ZPS and XGB?
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). XGB's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 2.75% 1mar2031, CAD, and Canada, Bonds 3.25% 1jun2035, CAD.
Which ETF is more diversified: ZPS or XGB?
ZPS holds 27 securities, while XGB holds 545. On holdings count, XGB is the more diversified portfolio.
Recent articles about ZPS and XGB
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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.