VS
RBC Target 2028 Canadian Corporate Bond Index ETF (RQQ) and BMO Government Bond Index ETF (ZGB) 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 ZGB leans towards Sovereign, Municipal, and Government Agencies. When evaluating costs, RQQ features a management fee (MER) of 0.2%, compared to 0.15% for ZGB. Performance-wise, RQQ has returned 1.07% year-to-date with +$144 M in net flows, whereas ZGB is at 1.07% with -$202 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
ZGB
| AuM | $785.62 M | $1,228.17 M |
| Management Fees | 0.20% | 0.15% |
| Exp. ratio | 0.22% | 0.17% |
| 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% |
ZGB | -1.24% | -2.69% | -1.07% | -1.50% | +10.38% | |
| Flows | RQQ | +$32 M | +$120 M | +$144 M | +$191 M | +$646 M |
ZGB | -$11 M | -$12 M | -$202 M | -$202 M | +$180 M |
RQQ vs ZGB exposure
Countries
RQQ
Canada
99.99%
ZGB
Canada
100.00%
Sectors
RQQ
Finance
68.44%
Utilities
8.54%
Energy
7.08%
Other
15.94%
ZGB
Sovereign
45.02%
Municipal
41.74%
Government Agencies
13.24%
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%
ZGB
Canada, Bond 1.25 1jun2030 10Y
12.45%
Canada, Bonds 2% 1jun2032, CAD
6.22%
Canada, Bonds 1.5% 1dec2031 10Y
6.11%
Canada Housing Trust, 4.25% 15mar2034, CAD (118)
3.48%
Canada, Bonds 3.5% 1mar2028, CAD
3.37%
Canada, Bonds 2.5% 1dec2032, CAD
3.18%
CMHC, 1.75% 15jun2030, CAD (92)
3.16%
Province of Ontario, 2.15% 2jun2031, CAD (DMTN249)
3.16%
Canada, Bonds 2.75% 1dec2055, CAD
2.62%
Province of Ontario, 2.65% 2dec2050, CAD (DMTN242)
2.33%
Diversification
RQQ
Total weight of top 10 holdings out of 40 total
44.19%
ZGB
Total weight of top 10 holdings out of 48 total
46.09%
Characteristics
Compare
RQQ
ZGB
| Provider | RBC Global Asset Management | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 2028 Maturity Corporate Bond Index - CAD | FTSE Canada All Government 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% | 3.18% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2022 | March 7, 2018 |
Frequently asked questions about RQQ and ZGB
Which ETF has performed better year to date: RQQ or ZGB?
As of September 11, 2026, RQQ has returned 1.07% year to date, while ZGB has returned -1.07%. RQQ is ahead on YTD performance.
Which ETF is larger by assets under management: RQQ or ZGB?
As of September 11, 2026, RQQ manages $785.62 M in assets, while ZGB manages $1.23 B. ZGB is the larger fund by AUM.
How are RQQ and ZGB managed?
RQQ is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2028 Maturity Corporate Bond Index - CAD benchmark. ZGB is passively managed by BMO. It tracks the FTSE Canada All Government Bond TR Index - CAD benchmark.
What sectors do RQQ and ZGB emphasize?
RQQ is most exposed to Finance, Utilities, and Energy. ZGB is most exposed to Sovereign, Municipal, and Government Agencies.
Which ETF is attracting more investor flows: RQQ or ZGB?
Year to date, RQQ has seen +$144.34 M in net flows, compared with -$202.15 M for ZGB. RQQ has attracted more net investor money so far.
How do the fees of RQQ and ZGB compare?
RQQ has an expense ratio of 0.22%, while ZGB has an expense ratio of 0.17%.
What are the top holdings of RQQ and ZGB?
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. 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: RQQ or ZGB?
RQQ holds 40 securities, while ZGB holds 48. On holdings count, ZGB is the more diversified portfolio.
Recent articles about RQQ 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.