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Compare RBC Target 2032 Canadian Government Bond ETF (RGQU) vs BMO Long Federal Bond Index ETF (ZFL) to find the best fit for your portfolio. RGQU provides Sovereign, Municipal, and Government Agencies exposures, while ZFL is primarily weighted in Sovereign. When evaluating costs, RGQU features a management fee (MER) of 0.15%, compared to 0.2% for ZFL. 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
RGQU
ZFL
| AuM | $1.99 M | $1,297.87 M |
| Management Fees | 0.15% | 0.20% |
| Exp. ratio | 0.15% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 1, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | RGQU | -0.69% | -0.53% | - | - | - |
ZFL | -2.63% | -4.55% | -2.55% | -0.87% | -1.75% | |
| Flows | RGQU | +$0 M | +$0 M | - | - | - |
ZFL | +$38 M | +$62 M | +$100 M | -$2,341 M | -$1,120 M |
RGQU vs ZFL exposure
Countries
RGQU
Canada
99.92%
ZFL
Canada
100.00%
Sectors
RGQU
Sovereign
43.37%
Municipal
35.56%
Government Agencies
11.10%
Finance
7.39%
ZFL
Sovereign
100.00%
As of September 1, 2026
Top 10 Holdings
RGQU
Canada, Bonds 2% 1jun2032, CAD
20.94%
Canada, Bonds 2.5% 1dec2032, CAD
19.44%
Canada Housing Trust, 3.55% 15sep2032, CAD (107)
11.10%
Province of Ontario, 3.75% 2jun2032, CAD (DMTN254)
10.06%
Province of Quebec, 3.25% 1sep2032, CAD (B131)
9.02%
CPPIB Capital, 3.95% 2jun2032, CAD (55)
4.95%
Province of Quebec, 3.65% 20may2032, CAD (B132)
3.86%
Province of Ontario, 4.05% 2feb2032, CAD (DMTN257)
3.01%
Canada, Bonds 3% 1mar2032, CAD (C)
2.98%
Hydro-Quebec, 3.55% 1sep2032, CAD (0091)
2.51%
ZFL
Canada, Bonds 3.5% 1dec2057, CAD
22.02%
Canada, Bond 2 1jan2051 30Y
20.08%
Canada, Bonds 2.75% 1dec2055, CAD
14.90%
Canada, Bond 3.5 1dec2045 30Y
14.77%
Canada, Bond 2.75 1dec2048 30Y
11.40%
Canada, Bond 1.75 1dec2053 30Y
9.75%
Canada, Bond 4 1jun2041 30Y
7.08%
Diversification
RGQU
Total weight of top 10 holdings out of 17 total
87.88%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
RGQU
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 | - | 2.95% |
| Meets ESG criteria | No | No |
| Inception Date | March 25, 2026 | May 19, 2010 |
Frequently asked questions about RGQU and ZFL
Which ETF is larger by assets under management: RGQU or ZFL?
As of September 1, 2026, RGQU manages $1.99 M in assets, while ZFL manages $1.30 B. ZFL is the larger fund by AUM.
How are RGQU and ZFL managed?
RGQU 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 RGQU and ZFL emphasize?
RGQU is most exposed to Sovereign, Municipal, and Government Agencies. ZFL is most exposed to Sovereign.
How do the fees of RGQU and ZFL compare?
RGQU has an expense ratio of 0.15%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of RGQU and ZFL?
RGQU's largest holdings include Canada, Bonds 2% 1jun2032, CAD, Canada, Bonds 2.5% 1dec2032, CAD, and Canada Housing Trust, 3.55% 15sep2032, CAD (107). ZFL's top holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD.
Which ETF is more diversified: RGQU or ZFL?
RGQU holds 17 securities, while ZFL holds 7. On holdings count, RGQU is the more diversified portfolio.
Recent articles about RGQU 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.