A side-by-side comparison of BMO US Put Write ETF (ZPW) and Purpose Enhanced Premium Yield Fund (PAYF) 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 | ZPW | PAYF |
|---|---|---|
| YTD Return | +4.91%✓ | -1.27% |
| 1-Day Change | 0.00%✓ | -0.37% |
| 1-Week Change | 0.00%✓ | -1.48% |
| 1-Month Change | +3.65%✓ | -2.05% |
| Current Price | $16.45 | $18.62 |
| AUM | $113M✓ | $48M |
| MER (Expense Ratio) | 0.65% | 0%✓ |
| Dividend Yield | 9.44%✓ | 8.66% |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2015-09-02 | 2019-05-17 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | — | — |
| Category | Miscellaneous - Income and Real Property | Miscellaneous - Income and Real Property |
| Beta | 0.20 | 0.23 |
| 52-Week High | $16.48 | $19.06 |
| 52-Week Low | $14.03 | $16.78 |
| 50-Day MA | $16.02 | $18.96 |
| 200-Day MA | $15.59 | $18.61 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZPW | PAYF |
|---|---|---|
| YTD | +4.91%✓ | -1.27% |
| 1 Year | +14.69%✓ | +6.84% |
| 3 Year | +13.31%✓ | +11.03% |
| 5 Year | +9.71%✓ | +8.30% |
| 10 Year | +6.39% | — |
| 1Y Volatility | 5.45% | 5.45% |
| Sharpe Ratio (3Y) | 1.16 | 1.28 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 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% |
| 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% |
Sector Weights
| Sector | ZPW | PAYF |
|---|---|---|
| Basic Materials | 4.12% | 11.59% |
| Communication Services | 17.41% | 13.98% |
| Consumer Cyclicals | 3.06% | 14.80% |
| Consumer Defensive | 16.68% | 6.07% |
| Energy | 0.00% | 0.78% |
| Financial Services | 13.94% | 9.67% |
| Healthcare | 10.59% | 10.85% |
| Industrials | 9.62% | 1.50% |
| Real Estate | 0.00% | 2.54% |
| Technology | 24.58% | 16.40% |
| Utilities | 0.00% | 11.83% |
About ZPW
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About PAYF
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Which ETF is Right for You?
Both ZPW and PAYF 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 ZPW and PAYF?
ZPW (BMO US Put Write ETF) and PAYF (Purpose Enhanced Premium Yield Fund) are both Canadian-listed ETFs. Key differences include their AUM ($113M vs $48M), dividend yield (9.44% vs 8.66%), and year-to-date performance (+4.91% vs -1.27%).
Is ZPW better than PAYF?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZPW has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZPW and PAYF on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZPW and PAYF should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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