VS
RBC Target 2029 Canadian Corporate Bond Index ETF (RQR) and BMO Short Federal Bond Index ETF (ZFS) 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 ZFS leans towards Sovereign and Government Agencies. When evaluating costs, RQR features a management fee (MER) of 0.2%, compared to 0.2% for ZFS. Performance-wise, RQR has returned 1.02% year-to-date with +$70 M in net flows, whereas ZFS is at 0.61% with +$608 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
ZFS
| AuM | $543.77 M | $961.53 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.21% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | RQR | -0.36% | -0.00% | +1.02% | +2.41% | +19.46% |
ZFS | -0.46% | -0.16% | +0.61% | +1.44% | +11.98% | |
| Flows | RQR | +$9 M | +$39 M | +$70 M | +$121 M | +$523 M |
ZFS | +$62 M | +$123 M | +$608 M | +$508 M | -$67 M |
RQR vs ZFS exposure
Countries
RQR
Canada
99.99%
ZFS
Canada
100.00%
Sectors
RQR
Finance
62.36%
Energy
10.65%
Utilities
7.35%
Other
19.65%
ZFS
Sovereign
74.18%
Government Agencies
25.82%
As of September 3, 2026
Top 10 Holdings
RQR
Bank of Montreal, 4.42% 17jul2029, CAD
5.96%
CIBC, 3.8% 10dec2030, CAD
5.10%
National Bank of Canada, 5.023% 1feb2029, CAD
4.53%
RBC Capital Markets, 4% 17oct2030, CAD
4.41%
Toronto-Dominion Bank, 4.002% 31oct2030, CAD
4.05%
Bank of Nova Scotia, 4.68% 1feb2029, CAD
3.92%
Federation des caisses Desjardins du Quebec, 3.804% 24sep2029, CAD
3.66%
Toronto-Dominion Bank, 4.68% 8jan2029, CAD
3.40%
Bank of Nova Scotia, 3.836% 26sep2030, CAD
3.34%
Manulife Financial Corporation, 5.054% 23feb2034, CAD
3.31%
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
RQR
Total weight of top 10 holdings out of 51 total
41.67%
ZFS
Total weight of top 10 holdings out of 24 total
71.81%
Characteristics
Compare
RQR
ZFS
| Provider | RBC Global Asset Management | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE Canada 2029 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 | 4.13% | 2.56% |
| Meets ESG criteria | No | No |
| Inception Date | October 20, 2022 | October 20, 2009 |
Frequently asked questions about RQR and ZFS
Which ETF has performed better year to date: RQR or ZFS?
As of September 3, 2026, RQR has returned 1.02% year to date, while ZFS has returned 0.61%. RQR is ahead on YTD performance.
Which ETF is larger by assets under management: RQR or ZFS?
As of September 3, 2026, RQR manages $543.77 M in assets, while ZFS manages $961.53 M. ZFS is the larger fund by AUM.
How are RQR and ZFS managed?
RQR is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2029 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 RQR and ZFS emphasize?
RQR is most exposed to Finance, Energy, and Utilities. ZFS is most exposed to Sovereign and Government Agencies.
Which ETF is attracting more investor flows: RQR or ZFS?
Year to date, RQR has seen +$70.20 M in net flows, compared with +$608.11 M for ZFS. ZFS has attracted more net investor money so far.
How do the fees of RQR and ZFS compare?
RQR has an expense ratio of 0.22%, while ZFS has an expense ratio of 0.21%.
What are the top holdings of RQR and ZFS?
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. 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: RQR or ZFS?
RQR holds 51 securities, while ZFS holds 24. On holdings count, RQR is the more diversified portfolio.
Recent articles about RQR 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.