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Compare RBC Target 2028 Canadian Government Bond ETF (RGQQ) vs BMO Long Federal Bond Index ETF (ZFL) to find the best fit for your portfolio. RGQQ provides Municipal, Government Agencies, and Sovereign exposures, while ZFL is primarily weighted in Sovereign. When evaluating costs, RGQQ features a management fee (MER) of 0.15%, compared to 0.2% for ZFL. Performance-wise, RGQQ has returned 1.32% year-to-date with +$72 M in net flows, whereas ZFL is at 2.57% with +$180 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
ZFL
| AuM | $146.89 M | $1,376.74 M |
| Management Fees | 0.15% | 0.20% |
| Exp. ratio | 0.17% | 0.22% |
| 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% |
ZFL | +1.76% | -2.82% | -2.57% | -6.17% | +4.00% | |
| Flows | RGQQ | +$34 M | +$40 M | +$72 M | +$76 M | +$130 M |
ZFL | +$76 M | +$123 M | +$180 M | -$1,402 M | -$1,154 M |
RGQQ vs ZFL exposure
Countries
RGQQ
Canada
99.98%
ZFL
Canada
100.00%
Sectors
RGQQ
Municipal
45.33%
Government Agencies
24.31%
Sovereign
17.88%
Finance
9.20%
ZFL
Sovereign
100.00%
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%
ZFL
Canada, Bond 2 1jan2051 30Y
21.12%
Canada, Bonds 2.75% 1dec2055, CAD
16.14%
Canada, Bonds 3.5% 1dec2057, CAD
15.61%
Canada, Bond 3.5 1dec2045 30Y
14.76%
Canada, Bond 4 1jun2041 30Y
12.42%
Canada, Bond 2.75 1dec2048 30Y
11.36%
Canada, Bond 1.75 1dec2053 30Y
8.59%
Diversification
RGQQ
Total weight of top 10 holdings out of 22 total
65.86%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
RGQQ
ZFL
| Provider | RBC Global Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.79% | 2.93% |
| Meets ESG criteria | No | No |
| Inception Date | April 21, 2023 | May 19, 2010 |
Frequently asked questions about RGQQ and ZFL
Which ETF has performed better year to date: RGQQ or ZFL?
As of October 16, 2026, RGQQ has returned 1.32% year to date, while ZFL has returned -2.57%. RGQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RGQQ or ZFL?
As of October 16, 2026, RGQQ manages $146.89 M in assets, while ZFL manages $1.38 B. ZFL is the larger fund by AUM.
How are RGQQ and ZFL managed?
RGQQ is actively managed by RBC Global Asset Management. It does not track an index. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do RGQQ and ZFL emphasize?
RGQQ is most exposed to Municipal, Government Agencies, and Sovereign. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: RGQQ or ZFL?
Year to date, RGQQ has seen +$71.92 M in net flows, compared with +$180.23 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of RGQQ and ZFL compare?
RGQQ has an expense ratio of 0.17%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of RGQQ and ZFL?
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). ZFL's top holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD.
Which ETF is more diversified: RGQQ or ZFL?
RGQQ holds 22 securities, while ZFL holds 7. On holdings count, RGQQ is the more diversified portfolio.
Recent articles about RGQQ and ZFL
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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.