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 $17.12 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: +5.16%, 1-year: +29.59%, 3-year annualised: +24.46%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.62, 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 11.44%, 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, 24.9%), Toronto Dominion Bank (TD, 17.5%), Bank of Montreal (BMO, 10.5%), Bank of Nova Scotia (BNS, 9.8%), Canadian Imperial Bank Of Commerce (CM, 9.1%) — 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%), Energy (0.0%), Utilities (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 $2.58B 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 11.56% and a beta of 0.83 (less volatile than the broad market). Its 3-year Sharpe ratio of 1.62 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
2026-10-01	$17.17	$17.17	$16.85	$17.12	$17.12	428,684
2026-09-30	$17.36	$17.36	$17.19	$17.19	$17.19	366,799
2026-09-29	$17.46	$17.46	$17.28	$17.36	$17.36	257,628
2026-09-28	$17.69	$17.71	$17.57	$17.61	$17.61	313,485
2026-09-25	$17.60	$17.70	$17.55	$17.69	$17.69	181,455
2026-09-24	$17.50	$17.53	$17.38	$17.50	$17.50	331,532
2026-09-23	$17.75	$17.75	$17.49	$17.49	$17.49	583,979
2026-09-22	$17.95	$17.95	$17.71	$17.77	$17.77	465,081
2026-09-21	$17.73	$17.91	$17.73	$17.90	$17.90	302,187
2026-09-18	$17.58	$17.67	$17.52	$17.67	$17.67	130,484

#	Ticker	Name	Weight
1	RY	Royal Bank of Canada	24.88%
2	TD	Toronto Dominion Bank	17.48%
3	BMO	Bank of Montreal	10.45%
4	BNS	Bank of Nova Scotia	9.82%
5	CM	Canadian Imperial Bank Of Commerce	9.09%
6	BN	Brookfield Corporation	8.87%
7	MFC	Manulife Financial Corp	6.20%
8	NA	National Bank of Canada	5.27%
9	GWO	Great-West Lifeco Inc.	5.05%
10	SLF	Sun Life Financial Inc.	3.85%

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

Ticker	Name	Price	1D
MSTU		$43.77	+9.62%
OILU		$59.51	+6.19%
HOU	BetaPro Crude Oil Daily Bull ETF	$26.42	+5.98%
MUU		$19.42	+5.72%
RDDY	Harvest Reddit Enhanced High Income Shares ETF	$4.63	+5.71%
MSTE	Harvest MicroStrategy Enhanced High Income Shares ETF - Class A Units	$2.85	+4.40%
CSHI	Ninepoint Constellation Software HighShares ETF	$12.40	+4.11%
HND	BetaPro Natural Gas 2x Daily Bear	$24.40	+4.01%

CIBC Investor's Edge

Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX : TSX)

Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

About Hamilton Canadian Financials YIELD MAXIMIZER ETF

ETF Details

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Frequently Asked Questions — HMAX