VS
RBC Target 2028 Canadian Corporate Bond Index ETF (RQQ) and BMO Short Federal Bond Index ETF (ZFS) 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 ZFS leans towards Sovereign and Government Agencies. When evaluating costs, RQQ features a management fee (MER) of 0.2%, compared to 0.2% for ZFS. Performance-wise, RQQ has returned 1.07% year-to-date with +$144 M in net flows, whereas ZFS is at 0.1% with +$631 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
ZFS
| AuM | $785.62 M | $979.86 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.21% |
| 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% |
ZFS | -0.61% | -0.84% | +0.10% | +0.43% | +11.38% | |
| Flows | RQQ | +$32 M | +$120 M | +$144 M | +$191 M | +$646 M |
ZFS | +$33 M | +$128 M | +$631 M | +$533 M | -$44 M |
RQQ vs ZFS exposure
Countries
RQQ
Canada
99.99%
ZFS
Canada
100.00%
Sectors
RQQ
Finance
68.44%
Utilities
8.54%
Energy
7.08%
Other
15.94%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
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%
ZFS
Canada, Bonds 2.75% 1sep2030, CAD
10.71%
Canada, Bonds 3.25% 1sep2028, CAD
8.77%
Canada, Bonds 2.75% 1mar2031, CAD
8.54%
Canada, Bonds 4% 1mar2029, CAD
8.18%
Canada, Bonds 2.75% 1mar2030, CAD
7.88%
Canada, Bonds 3.5% 1sep2029, CAD
7.35%
Canada, Bond 1.25 1jun2030 10Y
6.09%
Canada, Bonds 2.25% 1feb2028, CAD
5.76%
Canada, Bonds 3.5% 1mar2028, CAD
4.40%
CMHC, 1.75% 15jun2030, CAD (92)
4.13%
Diversification
RQQ
Total weight of top 10 holdings out of 40 total
44.19%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
RQQ
ZFS
| Provider | RBC Global Asset Management | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 2028 Maturity Corporate Bond Index - CAD | FTSE TMX Canada Short Term Federal Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 4.14% | 2.57% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2022 | October 20, 2009 |
Frequently asked questions about RQQ and ZFS
Which ETF has performed better year to date: RQQ or ZFS?
As of September 11, 2026, RQQ has returned 1.07% year to date, while ZFS has returned 0.10%. RQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RQQ or ZFS?
As of September 11, 2026, RQQ manages $785.62 M in assets, while ZFS manages $979.86 M. ZFS is the larger fund by AUM.
How are RQQ and ZFS managed?
RQQ is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2028 Maturity Corporate Bond Index - CAD benchmark. ZFS is passively managed by BMO. It tracks the FTSE TMX Canada Short Term Federal Bond Index - CAD benchmark.
What sectors do RQQ and ZFS emphasize?
RQQ is most exposed to Finance, Utilities, and Energy. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: RQQ or ZFS?
Year to date, RQQ has seen +$144.34 M in net flows, compared with +$631.40 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of RQQ and ZFS compare?
RQQ has an expense ratio of 0.22%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of RQQ and ZFS?
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. ZFS's top holdings include Canada, Bonds 2.75% 1sep2030, CAD, Canada, Bonds 3.25% 1sep2028, CAD, and Canada, Bonds 2.75% 1mar2031, CAD.
Which ETF is more diversified: RQQ or ZFS?
RQQ holds 40 securities, while ZFS holds 24. On holdings count, RQQ is the more diversified portfolio.
Recent articles about RQQ and ZFS
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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.