VS
BMO Short Provincial Bond Index ETF (ZPS) and BMO Government Bond Index ETF (ZGB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.15% for ZGB. Performance-wise, ZPS has returned 1.01% year-to-date with +$21 M in net flows, whereas ZGB is at 0.67% with -$203 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
ZGB
| AuM | $397.64 M | $1,242.62 M |
| Management Fees | 0.25% | 0.15% |
| Exp. ratio | 0.28% | 0.16% |
| 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% |
ZGB | +1.62% | -0.50% | +0.67% | -0.43% | +11.63% | |
| Flows | ZPS | +$6 M | +$7 M | +$21 M | +$27 M | +$62 M |
ZGB | +$0 M | -$12 M | -$203 M | -$187 M | +$129 M |
ZPS vs ZGB exposure
Countries
ZPS
Canada
100.00%
ZGB
Canada
100.00%
Sectors
ZPS
Municipal
100.00%
ZGB
Sovereign
45.20%
Municipal
41.39%
Government Agencies
13.41%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.65%
Canada, Bonds 2% 1jun2032, CAD
6.27%
Canada, Bonds 1.5% 1dec2031 10Y
6.17%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.49%
Canada, Bonds 3.5% 1mar2028, CAD
3.45%
CMHC, 1.75% 15jun2030, CAD (92)
3.21%
Canada, Bonds 2.5% 1dec2032, CAD
3.20%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.20%
Canada, Bonds 2.75% 1dec2055, CAD
2.56%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.30%
Diversification
ZPS
Total weight of top 10 holdings out of 27 total
73.86%
ZGB
Total weight of top 10 holdings out of 50 total
46.50%
Characteristics
Compare
ZPS
ZGB
| Provider | BMO | BMO |
| 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% | 2.93% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | March 7, 2018 |
Frequently asked questions about ZPS and ZGB
Which ETF has performed better year to date: ZPS or ZGB?
As of November 3, 2026, ZPS has returned 1.01% year to date, while ZGB has returned 0.67%. ZPS is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or ZGB?
As of November 3, 2026, ZPS manages $397.64 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are ZPS and ZGB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do ZPS and ZGB emphasize?
ZPS is most exposed to Municipal. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: ZPS or ZGB?
Year to date, ZPS has seen +$21.09 M in net flows, compared with -$203.01 M for ZGB. ZPS has attracted more net investor money so far.
How do the fees of ZPS and ZGB compare?
ZPS has an expense ratio of 0.28%, while ZGB has an expense ratio of 0.16%.
What are the top holdings of ZPS and ZGB?
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). 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: ZPS or ZGB?
ZPS holds 27 securities, while ZGB holds 50. On holdings count, ZGB is the more diversified portfolio.
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
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.
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.