VS
RBC Target 2028 Canadian Government Bond ETF (RGQQ) and BMO Discount Bond Index ETF (ZDB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that RGQQ focuses its top 3 sector exposures on Municipal, Government Agencies, and Sovereign, while ZDB leans towards Sovereign, Municipal, and Finance. When evaluating costs, RGQQ features a management fee (MER) of 0.15%, compared to 0.09% for ZDB. Performance-wise, RGQQ has returned 1.32% year-to-date with +$72 M in net flows, whereas ZDB is at 0.13% with +$275 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
RGQQ
ZDB
| AuM | $146.89 M | $1,410.61 M |
| Management Fees | 0.15% | 0.09% |
| Exp. ratio | 0.17% | 0.10% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | RGQQ | +0.55% | +0.20% | +1.32% | +1.26% | +16.15% |
ZDB | +1.06% | -0.92% | +0.13% | -0.86% | +15.24% | |
| Flows | RGQQ | +$34 M | +$40 M | +$72 M | +$76 M | +$130 M |
ZDB | +$18 M | +$99 M | +$275 M | +$582 M | +$546 M |
RGQQ vs ZDB exposure
Countries
RGQQ
Canada
99.98%
ZDB
Canada
100.00%
Sectors
RGQQ
Municipal
45.33%
Government Agencies
24.31%
Sovereign
17.88%
Finance
9.20%
ZDB
Sovereign
33.39%
Municipal
31.40%
Finance
11.58%
Government Agencies
9.96%
Other
13.67%
As of October 16, 2026
Top 10 Holdings
RGQQ
CMHC, 2.65% 15dec2028, CAD (85)
11.47%
Province of Quebec, 2.75% 1sep2028, CAD (B124)
7.81%
Province of Ontario, 2.9% 2jun2028, CAD (DMTN238)
7.33%
Canada Housing Trust, 3.1% 15jun2028, CAD (113)
6.71%
Province of Ontario, 3.6% 8mar2028, CAD
6.60%
CMHC, 2.65% 15mar2028, CAD (82)
6.13%
Canada, Bond 2 1jun2028 10Y
5.78%
Canada, Bonds 2.25% 1feb2028, CAD
4.99%
Province of Ontario, 3.4% 8sep2028, CAD (DMTN259)
4.76%
Alberta, 2.9% 1dec2028, CAD
4.26%
ZDB
Canada, Bond 0.5 1oct2030 10Y
18.56%
CMHC, 1.9% 15mar2031, CAD (100)
6.30%
Sun Life Financial, 2.06% 1oct2035, CAD (2020-2)
5.65%
Province of Quebec, 1.5% 1sep2031, CAD (B128)
5.50%
Province of Ontario, 2.05% 2jun2030, CAD (DMTN243)
5.13%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
5.06%
Canada, Bonds 2.25% 1dec2029, CAD
4.57%
Toronto-Dominion Bank, 1.896% 11sep2028, CAD
3.27%
Canada, Bonds 2% 1jun2032, CAD
3.11%
Pembina Pipeline Corporation, 3.31% 1feb2030, CAD (15)
2.65%
Diversification
RGQQ
Total weight of top 10 holdings out of 22 total
65.86%
ZDB
Total weight of top 10 holdings out of 45 total
59.81%
Characteristics
Compare
RGQQ
ZDB
| Provider | RBC Global Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada Universe Discount Bond Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.79% | 1.83% |
| Meets ESG criteria | No | No |
| Inception Date | April 21, 2023 | February 10, 2014 |
Frequently asked questions about RGQQ and ZDB
Which ETF has performed better year to date: RGQQ or ZDB?
As of October 16, 2026, RGQQ has returned 1.32% year to date, while ZDB has returned 0.13%. RGQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RGQQ or ZDB?
As of October 16, 2026, RGQQ manages $146.89 M in assets, while ZDB manages $1.41 B. ZDB is the larger fund by AUM.
How are RGQQ and ZDB managed?
RGQQ is actively managed by RBC Global Asset Management. It does not track an index. ZDB is passively managed by BMO. It tracks the FTSE Canada Universe Discount Bond Index - CAD benchmark.
What sectors do RGQQ and ZDB emphasize?
RGQQ is most exposed to Municipal, Government Agencies, and Sovereign. ZDB is most exposed to Sovereign, Municipal, and Finance.
Which ETF is attracting more investor flows: RGQQ or ZDB?
Year to date, RGQQ has seen +$71.92 M in net flows, compared with +$275.25 M for ZDB. ZDB has attracted more net investor money so far.
How do the fees of RGQQ and ZDB compare?
RGQQ has an expense ratio of 0.17%, while ZDB has an expense ratio of 0.10%.
What are the top holdings of RGQQ and ZDB?
RGQQ's largest holdings include CMHC, 2.65% 15dec2028, CAD (85), Province of Quebec, 2.75% 1sep2028, CAD (B124), and Province of Ontario, 2.9% 2jun2028, CAD (DMTN238). 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: RGQQ or ZDB?
RGQQ holds 22 securities, while ZDB holds 45. On holdings count, ZDB is the more diversified portfolio.
Recent articles about RGQQ and ZDB
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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.