VS
RBC Target 2029 Canadian Corporate Bond Index ETF (RQR) and BMO Long Federal Bond Index ETF (ZFL) offer distinct profiles for Canadian ETF investors. A direct comparison shows that RQR focuses its top 3 sector exposures on Finance, Energy, and Utilities, while ZFL leans towards Sovereign. When evaluating costs, RQR features a management fee (MER) of 0.2%, compared to 0.2% for ZFL. Performance-wise, RQR has returned 0.84% year-to-date with +$145 M in net flows, whereas ZFL is at 3.03% with +$180 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
RQR
ZFL
| AuM | $615.54 M | $1,369.67 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of October 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | RQR | +0.03% | -0.38% | +0.84% | +0.65% | +21.03% |
ZFL | -0.34% | -2.73% | -3.03% | -7.07% | +5.54% | |
| Flows | RQR | +$46 M | +$85 M | +$145 M | +$171 M | +$589 M |
ZFL | +$61 M | +$123 M | +$180 M | -$1,173 M | -$1,199 M |
RQR vs ZFL exposure
Countries
RQR
Canada
99.97%
ZFL
Canada
100.00%
Sectors
RQR
Finance
62.38%
Energy
10.63%
Utilities
7.34%
Other
19.65%
ZFL
Sovereign
100.00%
As of October 20, 2026
Top 10 Holdings
RQR
Bank of Montreal, 4.42% 17jul2029, CAD
5.94%
CIBC, 3.8% 10dec2030, CAD
5.09%
National Bank of Canada, 5.023% 1feb2029, CAD
4.51%
RBC Capital Markets, 4% 17oct2030, CAD
4.39%
Bank of Nova Scotia, 4.68% 1feb2029, CAD
4.09%
Toronto-Dominion Bank, 4.002% 31oct2030, CAD
4.04%
Federation des caisses Desjardins du Quebec, 3.804% 24sep2029, CAD
3.65%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
3.39%
Bank of Nova Scotia, 3.836% 26sep2030, CAD
3.33%
Manulife Financial Corporation, 5.054% 23feb2034, CAD
3.30%
ZFL
Canada, Bond 2 1jan2051 30Y
21.12%
Canada, Bonds 2.75% 1dec2055, CAD
16.14%
Canada, Bonds 3.5% 1dec2057, CAD
15.61%
Canada, Bond 3.5 1dec2045 30Y
14.76%
Canada, Bond 4 1jun2041 30Y
12.42%
Canada, Bond 2.75 1dec2048 30Y
11.36%
Canada, Bond 1.75 1dec2053 30Y
8.59%
Diversification
RQR
Total weight of top 10 holdings out of 51 total
41.73%
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
Characteristics
Compare
RQR
ZFL
| Provider | RBC Global Asset Management | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 2029 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 | 4.15% | 2.94% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2022 | May 19, 2010 |
Frequently asked questions about RQR and ZFL
Which ETF has performed better year to date: RQR or ZFL?
As of October 20, 2026, RQR has returned 0.84% year to date, while ZFL has returned -3.03%. RQR is ahead on YTD performance.
Which ETF is larger by assets under management: RQR or ZFL?
As of October 20, 2026, RQR manages $615.54 M in assets, while ZFL manages $1.37 B. ZFL is the larger fund by AUM.
How are RQR and ZFL managed?
RQR is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2029 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 RQR and ZFL emphasize?
RQR is most exposed to Finance, Energy, and Utilities. ZFL is most exposed to Sovereign.
Which ETF is attracting more investor flows: RQR or ZFL?
Year to date, RQR has seen +$144.75 M in net flows, compared with +$179.67 M for ZFL. ZFL has attracted more net investor money so far.
How do the fees of RQR and ZFL compare?
RQR has an expense ratio of 0.22%, while ZFL has an expense ratio of 0.22%.
What are the top holdings of RQR and ZFL?
RQR's largest holdings include Bank of Montreal, 4.42% 17jul2029, CAD, CIBC, 3.8% 10dec2030, CAD, and National Bank of Canada, 5.023% 1feb2029, CAD. ZFL's top holdings include Canada, Bond 2 1jan2051 30Y, Canada, Bonds 2.75% 1dec2055, CAD, and Canada, Bonds 3.5% 1dec2057, CAD.
Which ETF is more diversified: RQR or ZFL?
RQR holds 51 securities, while ZFL holds 7. On holdings count, RQR is the more diversified portfolio.
Recent articles about RQR 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.