VS
RBC Target 2028 Canadian Corporate Bond Index ETF (RQQ) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that RQQ focuses its top 3 sector exposures on Finance, Utilities, and Energy, while ZFL leans towards Sovereign. When evaluating costs, RQQ features a management fee (MER) of 0.2%, compared to 0.2% for ZFL. Performance-wise, RQQ has returned 1.07% year-to-date with +$144 M in net flows, whereas ZFL is at 4.6% with +$105 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
RQQ
ZFL
| AuM | $785.62 M | $1,276.18 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 11, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | RQQ | -0.23% | -0.05% | +1.07% | +1.86% | +19.36% |
ZFL | -2.57% | -6.57% | -4.60% | -7.52% | -2.02% | |
| Flows | RQQ | +$32 M | +$120 M | +$144 M | +$191 M | +$646 M |
ZFL | +$39 M | +$66 M | +$105 M | -$2,351 M | -$1,119 M |
RQQ vs ZFL exposure
Countries
RQQ
Canada
99.99%
ZFL
Canada
100.00%
Sectors
RQQ
Finance
68.44%
Utilities
8.54%
Energy
7.08%
Other
15.94%
ZFL
Sovereign
100.00%
As of September 11, 2026
Top 10 Holdings
RQQ
National Bank of Canada, 5.219% 14jun2028, CAD
6.11%
Bank of Montreal, 5.039% 29may2028, CAD
4.92%
Bank of Nova Scotia, 3.1% 2feb2028, CAD
4.85%
Federation des caisses Desjardins du Quebec, 5.467% 17nov2028, CAD
4.77%
CIBC, 5.5% 14jan2028, CAD
4.72%
Manulife Financial Corporation, 5.409% 10mar2033, CAD
4.53%
Rogers Communications, 5.7% 21sep2028, CAD
3.82%
Sun Life Financial, 2.8% 21nov2033, CAD (2021-2)
3.60%
Royal Bank of Canada, 4.642% 17jan2028, CAD
3.49%
National Bank of Canada, 3.522% 17jul2029, CAD
3.38%
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
RQQ
Total weight of top 10 holdings out of 40 total
44.19%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
RQQ
ZFL
| Provider | RBC Global Asset Management | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 2028 Maturity Corporate Bond Index - CAD | FTSE TMX Canada Long Term Federal Bond TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.14% | 3.01% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2022 | May 19, 2010 |
Frequently asked questions about RQQ and ZFL
Which ETF has performed better year to date: RQQ or ZFL?
As of September 11, 2026, RQQ has returned 1.07% year to date, while ZFL has returned -4.60%. RQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RQQ or ZFL?
As of September 11, 2026, RQQ manages $785.62 M in assets, while ZFL manages $1.28 B. ZFL is the larger fund by AUM.
How are RQQ and ZFL managed?
RQQ is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2028 Maturity Corporate Bond Index - CAD benchmark. ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark.
What sectors do RQQ and ZFL emphasize?
RQQ is most exposed to Finance, Utilities, and Energy. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: RQQ or ZFL?
Year to date, RQQ has seen +$144.34 M in net flows, compared with +$105.23 M for ZFL. RQQ has attracted more net investor money so far.
How do the fees of RQQ and ZFL compare?
RQQ has an expense ratio of 0.22%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of RQQ and ZFL?
RQQ's largest holdings include National Bank of Canada, 5.219% 14jun2028, CAD, Bank of Montreal, 5.039% 29may2028, CAD, and Bank of Nova Scotia, 3.1% 2feb2028, CAD. 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: RQQ or ZFL?
RQQ holds 40 securities, while ZFL holds 7. On holdings count, RQQ is the more diversified portfolio.
Recent articles about RQQ 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.