VS
BMO Long Federal Bond Index ETF (ZFL) and RBC Target 2027 Canadian Corporate Bond Index ETF (RQP) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZFL focuses its top 3 sector exposures on Sovereign, while RQP leans towards Finance, Utilities, and Energy. When evaluating costs, ZFL features a management fee (MER) of 0.2%, compared to 0.2% for RQP. Performance-wise, ZFL has returned 4.26% year-to-date with +$117 M in net flows, whereas RQP is at 1.64% with +$39 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
ZFL
RQP
| AuM | $1,292.05 M | $855.01 M |
| Management Fees | 0.20% | 0.20% |
| Exp. ratio | 0.22% | 0.22% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZFL | -1.68% | -6.32% | -4.26% | -7.38% | -0.91% |
RQP | +0.05% | +0.45% | +1.64% | +2.43% | +18.72% | |
| Flows | ZFL | +$28 M | +$77 M | +$117 M | -$2,346 M | -$1,060 M |
RQP | +$15 M | +$32 M | +$39 M | +$27 M | +$572 M |
ZFL vs RQP exposure
Countries
ZFL
Canada
100.00%
RQP
Canada
99.97%
Sectors
ZFL
Sovereign
100.00%
RQP
Finance
72.05%
Other
27.95%
As of September 16, 2026
Top 10 Holdings
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%
RQP
Royal Bank of Canada, 3.626% 10dec2028, CAD
7.04%
Bank of Nova Scotia, 3.807% 15nov2028, CAD
5.55%
Bank of Montreal, 4.309% 1jun2027, CAD
4.49%
Federation des caisses Desjardins du Quebec, 4.407% 19may2027, CAD
4.40%
Toronto-Dominion Bank, 5.376% 21oct2027, CAD
4.15%
CIBC, 5.05% 7oct2027, CAD
3.95%
CIBC, 2.25% 7jan2027, CAD (7449)
2.82%
Enbridge, 5.7% 9nov2027, CAD
2.68%
Sun Life Financial, 2.58% 10may2032, CAD (2020-1)
2.67%
Manulife Bank of Canada, 2.864% 16feb2027, CAD
2.61%
Diversification
ZFL
Total weight of top 10 holdings out of 7 total
100.00%
RQP
Total weight of top 10 holdings out of 40 total
40.37%
Characteristics
Compare
ZFL
RQP
| Provider | BMO | RBC Global Asset Management |
| Management | Passively managed | Passively managed |
| Benchmark | FTSE TMX Canada Long Term Federal Bond TR Index - CAD | FTSE Canada 2027 Maturity Corporate Bond Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Fixed Income |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.00% | 3.77% |
| Meets ESG criteria | No | No |
| Inception Date | May 19, 2010 | September 17, 2020 |
Frequently asked questions about ZFL and RQP
Which ETF has performed better year to date: ZFL or RQP?
As of September 16, 2026, ZFL has returned -4.26% year to date, while RQP has returned 1.64%. RQP is ahead on YTD performance.
Which ETF is larger by assets under management: ZFL or RQP?
As of September 16, 2026, ZFL manages $1.29 B in assets, while RQP manages $855.01 M. ZFL is the larger fund by AUM.
How are ZFL and RQP managed?
ZFL is passively managed by BMO. It tracks the FTSE TMX Canada Long Term Federal Bond TR Index - CAD benchmark. RQP is passively managed by RBC Global Asset Management. It tracks the FTSE Canada 2027 Maturity Corporate Bond Index - CAD benchmark.
What sectors do ZFL and RQP emphasize?
ZFL is most exposed to Sovereign. RQP is most exposed to Finance, Utilities, and Energy.
Which ETF is attracting more investor flows: ZFL or RQP?
Year to date, ZFL has seen +$116.54 M in net flows, compared with +$39.32 M for RQP. ZFL has attracted more net investor money so far.
How do the fees of ZFL and RQP compare?
ZFL has an expense ratio of 0.22%, while RQP has an expense ratio of 0.22%.
What are the top holdings of ZFL and RQP?
ZFL's largest holdings include Canada, Bonds 3.5% 1dec2057, CAD, Canada, Bond 2 1jan2051 30Y, and Canada, Bonds 2.75% 1dec2055, CAD. RQP's top holdings include Royal Bank of Canada, 3.626% 10dec2028, CAD, Bank of Nova Scotia, 3.807% 15nov2028, CAD, and Bank of Montreal, 4.309% 1jun2027, CAD.
Which ETF is more diversified: ZFL or RQP?
ZFL holds 7 securities, while RQP holds 40. On holdings count, RQP is the more diversified portfolio.
Recent articles about ZFL and RQP
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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.