VS
BMO Short Provincial Bond Index ETF (ZPS) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.09% for ZDB. Performance-wise, ZPS has returned 1.01% year-to-date with +$21 M in net flows, whereas ZDB is at 0.6% with +$301 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
ZDB
| AuM | $397.64 M | $1,441.35 M |
| Management Fees | 0.25% | 0.09% |
| Exp. ratio | 0.28% | 0.10% |
| 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% |
ZDB | +1.43% | -0.45% | +0.60% | -0.36% | +12.99% | |
| Flows | ZPS | +$6 M | +$7 M | +$21 M | +$27 M | +$62 M |
ZDB | +$45 M | +$109 M | +$301 M | +$606 M | +$570 M |
ZPS vs ZDB exposure
Countries
ZPS
Canada
100.00%
ZDB
Canada
100.00%
Sectors
ZPS
Municipal
100.00%
ZDB
Sovereign
33.38%
Municipal
31.30%
Finance
11.64%
Government Agencies
9.98%
Other
13.70%
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%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.61%
CMHC, 1.9% 15mar2031, CAD (100)
6.31%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.67%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.15%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.01%
Canada, Bonds 2.25% 1dec2029, CAD
4.59%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.30%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.66%
Diversification
ZPS
Total weight of top 10 holdings out of 27 total
73.86%
ZDB
Total weight of top 10 holdings out of 45 total
59.92%
Characteristics
Compare
ZPS
ZDB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Provincial Bond Index - CAD | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.53% | 1.80% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | February 10, 2014 |
Frequently asked questions about ZPS and ZDB
Which ETF has performed better year to date: ZPS or ZDB?
As of November 3, 2026, ZPS has returned 1.01% year to date, while ZDB has returned 0.60%. ZPS is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or ZDB?
As of November 3, 2026, ZPS manages $397.64 M in assets, while ZDB manages $1.44 B. ZDB is the larger fund by AUM.
How are ZPS and ZDB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do ZPS and ZDB emphasize?
ZPS is most exposed to Municipal. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: ZPS or ZDB?
Year to date, ZPS has seen +$21.09 M in net flows, compared with +$301.43 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of ZPS and ZDB compare?
ZPS has an expense ratio of 0.28%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of ZPS and ZDB?
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). ZDB's top holdings include Canada, Bond 0.5 1oct2030 10Y, CMHC, 1.9% 15mar2031, CAD (100), and Sun Life Financial, 2.06% 1oct2035, CAD (2020-2).
Which ETF is more diversified: ZPS or ZDB?
ZPS holds 27 securities, while ZDB holds 45. On holdings count, ZDB 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.