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 $27.25 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: -1.84%, 1-year: +8.62%, 3-year annualised: +12.15%, 5-year annualised: +7.11%, 10-year annualised: +9.49%. 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, 8.9%), Microsoft Corporation (MSFT, 5.7%), Amgen Inc (AMGN, 4.8%), UnitedHealth Group Incorporated (UNH, 4.4%) — 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 (27.5%), Technology (18.3%), Industrials (15.6%). 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 $211M 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
2026-10-01	$27.18	$27.25	$27.15	$27.25	$27.25	2,937
2026-09-30	$27.45	$27.45	$27.36	$27.36	$27.36	497
2026-09-29	$27.54	$27.54	$27.43	$27.43	$27.43	1,730
2026-09-28	$27.74	$27.74	$27.74	$27.74	$27.74	316
2026-09-25	$27.61	$27.89	$27.61	$27.89	$27.89	640
2026-09-24	$27.62	$27.70	$27.52	$27.70	$27.70	2,247
2026-09-23	$27.83	$27.83	$27.76	$27.76	$27.76	3,151
2026-09-22	$27.92	$27.92	$27.90	$27.90	$27.90	981
2026-09-21	$28.06	$28.06	$28.04	$28.04	$28.04	473
2026-09-18	$27.80	$27.86	$27.78	$27.86	$27.86	1,896

#	Ticker	Name	Weight
1	GS	Goldman Sachs Group Inc	11.48%
2	CAT	Caterpillar Inc	8.89%
3	MSFT	Microsoft Corporation	5.70%
4	AMGN	Amgen Inc	4.80%
5	UNH	UnitedHealth Group Incorporated	4.36%
6	V	Visa Inc. Class A	4.24%
7	TRV	The Travelers Companies Inc	4.11%
8	JPM	JPMorgan Chase & Co	3.97%
9	GOOGL	Alphabet Inc Class A	3.85%
10	SHW	Sherwin-Williams Co	3.83%

Sector	Weight
Financial Services	27.48%
Technology	18.34%
Industrials	15.56%
Healthcare	13.78%
Consumer Cyclicals	10.00%
Communication Services	5.05%
Basic Materials	3.83%
Consumer Defensive	3.73%
Energy	2.24%
Utilities	0.00%
Real Estate	0.00%

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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