Question 1

What is ZWA?

Accepted Answer

ZWA (BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF) is a Canadian-listed ETF trading on the TSX in the US Equity category. It tracks the Morningstar US Market TR CAD.

Question 2

What is the ZWA ETF price today?

Accepted Answer

ZWA last traded at $27.99 CAD on the TSX. See the price chart above for recent performance.

Question 3

What is the ZWA MER (management expense ratio)?

Accepted Answer

ZWA has a management expense ratio (MER) of 0.65% 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 ZWA annualised returns?

Accepted Answer

ZWA historical returns: YTD: +0.83%, 1-year: +10.94%, 3-year annualised: +11.95%, 5-year annualised: +7.36%, 10-year annualised: +9.80%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 0.83, which measures risk-adjusted return.

Question 5

Does ZWA pay dividends or distributions?

Accepted Answer

Yes, ZWA distributes income to unitholders. The current distribution yield is approximately 5.75%, 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 ZWA invest in?

Accepted Answer

ZWA's top holdings include Goldman Sachs Group Inc (GS, 11.5%), Caterpillar Inc (CAT, 9.5%), Microsoft Corporation (MSFT, 5.5%), Amgen Inc (AMGN, 4.6%), UnitedHealth Group Incorporated (UNH, 4.5%) — and 5 more positions. See the full Top 10 Holdings table above for a complete breakdown. The fund tracks the Morningstar US Market TR CAD.

Question 7

What sectors does ZWA invest in?

Accepted Answer

ZWA's largest sector exposures are Financial Services (27.4%), Technology (17.4%), Industrials (16.6%). The full sector breakdown is shown in the Sector Weights table on this page.

Question 8

How large is ZWA? (Assets under management)

Accepted Answer

ZWA has approximately $215M 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 ZWA launched?

Accepted Answer

ZWA was launched on October 20, 2011, giving it a 15-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 ZWA in Canada?

Accepted Answer

ZWA trades on the TSX under the ticker ZWA. 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 ZWA?

Accepted Answer

ZWA has a 1-year volatility of 8.64% and a beta of 0.72 (less volatile than the broad market). Its 3-year Sharpe ratio of 0.83 indicates moderate risk-adjusted returns. As with all market-linked investments, past volatility does not predict future risk.

Date	Open	High	Low	Close	Adj Close	Volume
2026-09-10	$28.01	$28.01	$27.99	$27.99	$27.99	1,076
2026-09-09	$28.28	$28.28	$28.20	$28.20	$28.20	1,706
2026-09-08	$28.45	$28.45	$28.35	$28.35	$28.35	608
2026-09-04	$28.66	$28.68	$28.63	$28.68	$28.68	500
2026-09-03	$28.56	$28.70	$28.56	$28.70	$28.70	2,057
2026-09-02	$28.48	$28.48	$28.48	$28.48	$28.48	211
2026-09-01	$28.46	$28.46	$28.34	$28.34	$28.34	649
2026-08-31	$28.58	$28.58	$28.58	$28.58	$28.58	448
2026-08-27	$28.85	$28.91	$28.85	$28.91	$28.91	2,387
2026-08-26	$28.87	$28.87	$28.85	$28.85	$28.85	1,512

#	Ticker	Name	Weight
1	GS	Goldman Sachs Group Inc	11.48%
2	CAT	Caterpillar Inc	9.47%
3	MSFT	Microsoft Corporation	5.45%
4	AMGN	Amgen Inc	4.61%
5	UNH	UnitedHealth Group Incorporated	4.49%
6	TRV	The Travelers Companies Inc	4.10%
7	JPM	JPMorgan Chase & Co	4.04%
8	SHW	Sherwin-Williams Co	3.99%
9	V	Visa Inc. Class A	3.98%
10	AXP	American Express Company	3.81%

Sector	Weight
Financial Services	27.37%
Technology	17.38%
Industrials	16.65%
Healthcare	13.44%
Consumer Cyclicals	10.25%
Communication Services	4.94%
Basic Materials	3.98%
Consumer Defensive	3.83%
Energy	2.17%
Real Estate	0.00%
Utilities	0.00%

Ticker	Name	Price	1D
OILU		$65.56	+11.27%
HOU	BetaPro Crude Oil Daily Bull ETF	$29.03	+11.14%
SLVD	BetaPro Silver -2x Daily Bear ETF	$31.94	+10.98%
CGMD		$5.11	+10.61%
SOXD		$15.41	+7.69%
AAPU		$43.36	+7.33%
MSTZ		$3.24	+7.28%
GASD		$5.46	+6.64%

CIBC Investor's Edge

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA : TSX)

Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

ETF Details

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Frequently Asked Questions — ZWA