A side-by-side comparison of Purpose Enhanced Premium Yield Fund (PAYF) and BMO US Put Write ETF (ZPW) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | PAYF | ZPW |
|---|---|---|
| YTD Return | -1.27% | +4.91%✓ |
| 1-Day Change | -0.37% | 0.00%✓ |
| 1-Week Change | -1.48% | 0.00%✓ |
| 1-Month Change | -2.05% | +3.65%✓ |
| Current Price | $18.62 | $16.45 |
| AUM | $48M | $113M✓ |
| MER (Expense Ratio) | 0%✓ | 0.65% |
| Dividend Yield | 8.66% | 9.44%✓ |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2019-05-17 | 2015-09-02 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | — | — |
| Category | Miscellaneous - Income and Real Property | Miscellaneous - Income and Real Property |
| Beta | 0.23 | 0.20 |
| 52-Week High | $19.06 | $16.48 |
| 52-Week Low | $16.78 | $14.03 |
| 50-Day MA | $18.96 | $16.02 |
| 200-Day MA | $18.61 | $15.59 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | PAYF | ZPW |
|---|---|---|
| YTD | -1.27% | +4.91%✓ |
| 1 Year | +6.84% | +14.69%✓ |
| 3 Year | +11.03% | +13.31%✓ |
| 5 Year | +8.30% | +9.71%✓ |
| 10 Year | — | +6.39% |
| 1Y Volatility | 5.45% | 5.45% |
| Sharpe Ratio (3Y) | 1.28 | 1.16 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | MNY | Purpose Cash Management Fund ETF Units | 71.05% |
| 2 | EEM | iShares MSCI Emerging Markets ETF | 1.87% |
| 3 | COIN | Coinbase Global Inc | 1.84% |
| 4 | ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | 1.84% |
| 5 | BABA | Alibaba Group Holding Ltd | 1.80% |
| 6 | CVS | CVS Health Corp | 1.79% |
| 7 | LIN | Linde plc Ordinary Shares | 1.74% |
| 8 | META | Meta Platforms Inc. | 1.70% |
| 9 | NEE | Nextera Energy Inc | 1.68% |
| 10 | HD | The Home Depot Inc | 1.64% |
| 1 | META | Meta Platforms Inc. | 3.35% |
| 2 | AAPL | Apple Inc. | 3.34% |
| 3 | NVDA | NVIDIA Corporation | 3.24% |
| 4 | WMT | Walmart Inc. | 2.77% |
| 5 | MSFT | Microsoft Corporation | 2.62% |
| 6 | PG | Procter & Gamble Company | 2.55% |
| 7 | LMT | Lockheed Martin Corporation | 2.30% |
| 8 | V | Visa Inc. Class A | 2.22% |
| 9 | LLY | Eli Lilly and Company | 2.03% |
| 10 | GOOGL | Alphabet Inc Class A | 1.99% |
Sector Weights
| Sector | PAYF | ZPW |
|---|---|---|
| Basic Materials | 11.59% | 4.12% |
| Communication Services | 13.98% | 17.41% |
| Consumer Cyclicals | 14.80% | 3.06% |
| Consumer Defensive | 6.07% | 16.68% |
| Energy | 0.78% | 0.00% |
| Financial Services | 9.67% | 13.94% |
| Healthcare | 10.85% | 10.59% |
| Industrials | 1.50% | 9.62% |
| Real Estate | 2.54% | 0.00% |
| Technology | 16.40% | 24.58% |
| Utilities | 11.83% | 0.00% |
About PAYF
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About ZPW
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Which ETF is Right for You?
Both PAYF and ZPW are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZPW scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between PAYF and ZPW?
PAYF (Purpose Enhanced Premium Yield Fund) and ZPW (BMO US Put Write ETF) are both Canadian-listed ETFs. Key differences include their AUM ($48M vs $113M), dividend yield (8.66% vs 9.44%), and year-to-date performance (-1.27% vs +4.91%).
Is PAYF better than ZPW?
There is no single "better" ETF — it depends on your investment goals. If you prioritise dividends, compare both yields and choose based on your income needs. Always review the fund's prospectus and consider your tax situation.
Can I buy PAYF and ZPW on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both PAYF and ZPW should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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