VS
BMO Short Provincial Bond Index ETF (ZPS) and BMO Short-Term Bond Index ETF (ZSB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZPS focuses its top 3 sector exposures on Municipal, while ZSB leans towards Sovereign, Municipal, and Banks. When evaluating costs, ZPS features a management fee (MER) of 0.25%, compared to 0.09% for ZSB. Performance-wise, ZPS has returned 0.53% year-to-date with +$29 M in net flows, whereas ZSB is at 0.61% with +$12 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
ZSB
| AuM | $409.47 M | $168.86 M |
| Management Fees | 0.25% | 0.09% |
| Exp. ratio | 0.28% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZPS | +0.77% | +0.15% | +0.53% | +2.42% | +11.87% |
ZSB | +0.85% | +0.21% | +0.61% | +3.00% | +13.50% | |
| Flows | ZPS | +$10 M | +$29 M | +$29 M | +$60 M | +$45 M |
ZSB | +$2 M | +$11 M | +$12 M | +$37 M | -$21 M |
ZPS vs ZSB exposure
Countries
ZPS
Canada
100.00%
ZSB
Canada
100.00%
Sectors
ZPS
Municipal
100.00%
ZSB
Sovereign
35.06%
Municipal
16.14%
Banks
13.66%
Government agencies
12.41%
Other
9.15%
Other
13.59%
As of April 24, 2026
Top 10 Holdings
ZPS
Province of Quebec, 2.3% 1sep2029, CAD (B126)
14.99%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
9.28%
Province of Ontario, 1.55% 1nov2029, CAD (DMTN251)
9.20%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
8.91%
Province of Ontario, 2.6% 2jun2027, CAD (DMTN234)
8.91%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
7.26%
Alberta, 2.05% 1jun2030, CAD
6.19%
British Columbia, 2.95% 18dec2028, CAD (BCCD-38)
5.67%
Province of Ontario, 3.4% 8sep2028, CAD (DMTN259)
4.09%
Alberta, 2.55% 1jun2027, CAD
4.05%
ZSB
Canada, Bonds 4% 1mar2029, CAD
7.40%
Canada, Bonds 3.25% 1sep2028, CAD
6.22%
Canada, Bonds 3.5% 1sep2029, CAD
5.22%
Canada, Bonds 3.5% 1mar2028, CAD
5.20%
Canada, Bonds 2.75% 1mar2030, CAD
5.08%
Canada, Bonds 2.75% 1sep2027, CAD
4.11%
Canada Housing Trust, 3.95% 15jun2028, CAD (115)
3.15%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
3.08%
Canada Housing Trust, 2.9% 15dec2029, CAD (123)
3.06%
CMHC, 2.65% 15dec2028, CAD (85)
3.06%
Diversification
ZPS
Total weight of top 10 holdings out of 24 total
78.55%
ZSB
Total weight of top 10 holdings out of 56 total
45.58%
Characteristics
Compare
ZPS
ZSB
| Provider | BMO | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Short Term Provincial Bond Index - CAD | FTSE Canada Short Term Overall Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.78% | 3.19% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2009 | March 7, 2018 |
Frequently asked questions about ZPS and ZSB
Which ETF has performed better year to date: ZPS or ZSB?
As of April 24, 2026, ZPS has returned 0.53% year to date, while ZSB has returned 0.61%. ZSB is ahead on YTD performance.
Which ETF is larger by assets under management: ZPS or ZSB?
As of April 24, 2026, ZPS manages $409.47 M in assets, while ZSB manages $168.86 M. ZPS is the larger fund by AUM.
How are ZPS and ZSB managed?
ZPS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Provincial Bond Index - CAD benchmark. ZSB is passively managed by BMO. It tracks the FTSE Canada Short Term Overall Bond TR Index - CAD benchmark.
What sectors do ZPS and ZSB emphasize?
ZPS is most exposed to Municipal. ZSB is most exposed to Sovereign, Municipal, and Banks.
Which ETF is attracting more investor flows: ZPS or ZSB?
Year to date, ZPS has seen +$29.17 M in net flows, compared with +$11.77 M for ZSB. ZPS has attracted more net investor money so far.
How do the fees of ZPS and ZSB compare?
ZPS has an expense ratio of 0.28%, while ZSB has an expense ratio of 0.10%.
What are the top holdings of ZPS and ZSB?
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). ZSB's top holdings include Canada, Bonds 4% 1mar2029, CAD and Canada, Bonds 3.25% 1sep2028, CAD.
Which ETF is more diversified: ZPS or ZSB?
ZPS holds 24 securities, while ZSB holds 49. On holdings count, ZSB 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.