Question 1

What is HMAX?

Accepted Answer

HMAX — Hamilton Canadian Financials YIELD MAXIMIZER ETF — is a Canadian-listed ETF trading on the TSX. HMAX is designed for attractive monthly income, while providing exposure to a market cap-weighted portfolio of Canadian financial services stocks. To reduce volatility and augment dividend income, HMAX will employ an active covered call strategy.

Question 2

What is the HMAX ETF price today?

Accepted Answer

HMAX last traded at $18.06 CAD on the TSX. See the price chart above for recent performance.

Question 3

What is the HMAX MER (management expense ratio)?

Accepted Answer

HMAX has a management expense ratio (MER) of 65% per year. This fee is automatically deducted from the fund's assets, so you never pay it directly — but it does reduce your net returns over time.

Question 4

What are HMAX annualised returns?

Accepted Answer

HMAX historical returns: YTD: +10.93%, 1-year: +40.02%, 3-year annualised: +22.93%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.53, which measures risk-adjusted return.

Question 5

Does HMAX pay dividends or distributions?

Accepted Answer

Yes, HMAX distributes income to unitholders. The current distribution yield is approximately 10.97%, paid monthly. Distributions may include dividends, interest, capital gains, or return of capital depending on the fund's holdings. In a TFSA or RRSP, distributions are sheltered from tax.

Question 6

What does HMAX invest in?

Accepted Answer

HMAX's top holdings include Royal Bank of Canada (RY, 25.6%), Toronto Dominion Bank (TD, 17.8%), Bank of Montreal (BMO, 11.0%), Bank of Nova Scotia (BNS, 9.4%), Canadian Imperial Bank Of Commerce (CM, 9.3%) — and 5 more positions. See the full Top 10 Holdings table above for a complete breakdown. The fund tracks the Morningstar Gbl Fin Svc GR CAD.

Question 7

What sectors does HMAX invest in?

Accepted Answer

HMAX's largest sector exposures are Financial Services (100.0%), Basic Materials (0.0%), Consumer Cyclicals (0.0%). The full sector breakdown is shown in the Sector Weights table on this page.

Question 8

How large is HMAX? (Assets under management)

Accepted Answer

HMAX has approximately $2.57B in assets under management (AUM). Larger AUM generally means better liquidity, tighter bid-ask spreads, and a lower risk of the fund being wound down.

Question 9

When was HMAX launched?

Accepted Answer

HMAX was launched on January 20, 2023, giving it a 3-year track record. A longer history makes it easier to evaluate how the ETF performs across different market cycles.

Question 10

How do I buy HMAX in Canada?

Accepted Answer

HMAX trades on the TSX under the ticker HMAX. You can buy it through any Canadian brokerage, including Wealthsimple Trade (commission-free), Questrade, TD Direct Investing, RBC Direct, and CIBC Investor's Edge. It can be held in a TFSA, RRSP, FHSA, or taxable account.

Question 11

How risky is HMAX?

Accepted Answer

HMAX has a 1-year volatility of 10.32% and a beta of 0.86 (less volatile than the broad market). Its 3-year Sharpe ratio of 1.53 indicates solid risk-adjusted returns. As with all market-linked investments, past volatility does not predict future risk.

Date	Open	High	Low	Close	Adj Close	Volume
2026-07-31	$18.05	$18.16	$18.04	$18.06	$18.06	219,000
2026-07-30	$18.07	$18.23	$18.07	$18.20	$18.20	297,780
2026-07-29	$18.34	$18.34	$17.92	$18.11	$18.11	804,848
2026-07-28	$18.24	$18.42	$18.11	$18.40	$18.40	271,264
2026-07-27	$18.20	$18.30	$18.15	$18.25	$18.25	334,219
2026-07-24	$18.12	$18.20	$18.06	$18.18	$18.18	174,816
2026-07-23	$18.10	$18.10	$17.96	$18.05	$18.05	428,790
2026-07-22	$18.15	$18.31	$18.15	$18.20	$18.20	256,838
2026-07-21	$18.18	$18.24	$18.10	$18.23	$18.23	328,871
2026-07-20	$18.52	$18.52	$18.14	$18.15	$18.15	547,990

#	Ticker	Name	Weight
1	RY	Royal Bank of Canada	25.58%
2	TD	Toronto Dominion Bank	17.75%
3	BMO	Bank of Montreal	10.95%
4	BNS	Bank of Nova Scotia	9.43%
5	CM	Canadian Imperial Bank Of Commerce	9.31%
6	BN	Brookfield Corporation	9.24%
7	MFC	Manulife Financial Corp	5.98%
8	NA	National Bank of Canada	5.46%
9	GWO	Great-West Lifeco Inc.	5.10%
10	IFC	Intact Financial Corporation	3.23%

Sector	Weight
Financial Services	100.00%
Basic Materials	0.00%
Consumer Cyclicals	0.00%
Real Estate	0.00%
Communication Services	0.00%
Energy	0.00%
Industrials	0.00%
Technology	0.00%
Consumer Defensive	0.00%
Healthcare	0.00%
Utilities	0.00%

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COID		$8.24	+16.38%
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Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX : TSX)

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Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

About Hamilton Canadian Financials YIELD MAXIMIZER ETF

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Frequently Asked Questions — HMAX