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Compare RBC Target 2028 Canadian Government Bond ETF (RGQQ) vs BMO Government Bond Index ETF (ZGB) to find the best fit for your portfolio. RGQQ provides Municipal, Government Agencies, and Sovereign exposures, while ZGB is primarily weighted in Sovereign, Municipal, and Government Agencies. When evaluating costs, RGQQ features a management fee (MER) of 0.15%, compared to 0.15% for ZGB. Performance-wise, RGQQ has returned 1.32% year-to-date with +$72 M in net flows, whereas ZGB is at 0.12% with -$204 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
ZGB
| AuM | $146.89 M | $1,238.02 M |
| Management Fees | 0.15% | 0.15% |
| Exp. ratio | 0.17% | 0.16% |
| 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% |
ZGB | +1.08% | -1.07% | +0.12% | -1.07% | +13.78% | |
| Flows | RGQQ | +$34 M | +$40 M | +$72 M | +$76 M | +$130 M |
ZGB | -$2 M | +$1 M | -$204 M | -$187 M | +$173 M |
RGQQ vs ZGB exposure
Countries
RGQQ
Canada
99.98%
ZGB
Canada
100.00%
Sectors
RGQQ
Municipal
45.33%
Government Agencies
24.31%
Sovereign
17.88%
Finance
9.20%
ZGB
Sovereign
45.15%
Municipal
41.48%
Government Agencies
13.37%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.58%
Canada, Bonds 2% 1jun2032, CAD
6.26%
Canada, Bonds 1.5% 1dec2031 10Y
6.16%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.50%
Canada, Bonds 3.5% 1mar2028, CAD
3.41%
Canada, Bonds 2.5% 1dec2032, CAD
3.20%
CMHC, 1.75% 15jun2030, CAD (92)
3.20%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.19%
Canada, Bonds 2.75% 1dec2055, CAD
2.59%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.32%
Diversification
RGQQ
Total weight of top 10 holdings out of 22 total
65.86%
ZGB
Total weight of top 10 holdings out of 50 total
46.41%
Characteristics
Compare
RGQQ
ZGB
| Provider | RBC Global Asset Management | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | FTSE Canada All Government Bond TR Index - CAD |
| Replication Method | - | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.79% | 2.69% |
| Meets ESG criteria | No | No |
| Inception Date | April 21, 2023 | March 7, 2018 |
Frequently asked questions about RGQQ and ZGB
Which ETF has performed better year to date: RGQQ or ZGB?
As of October 16, 2026, RGQQ has returned 1.32% year to date, while ZGB has returned 0.12%. RGQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RGQQ or ZGB?
As of October 16, 2026, RGQQ manages $146.89 M in assets, while ZGB manages $1.24 B. ZGB is the larger fund by AUM.
How are RGQQ and ZGB managed?
RGQQ is actively managed by RBC Global Asset Management. It does not track an index. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do RGQQ and ZGB emphasize?
RGQQ is most exposed to Municipal, Government Agencies, and Sovereign. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: RGQQ or ZGB?
Year to date, RGQQ has seen +$71.92 M in net flows, compared with -$203.91 M for ZGB. RGQQ has attracted more net investor money so far.
How do the fees of RGQQ and ZGB compare?
RGQQ has an expense ratio of 0.17%, while ZGB has an expense ratio of 0.16%.
What are the top holdings of RGQQ and ZGB?
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). 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: RGQQ or ZGB?
RGQQ holds 22 securities, while ZGB holds 50. On holdings count, ZGB is the more diversified portfolio.
Recent articles about RGQQ and ZGB
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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.