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 $28.36 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: +2.16%, 1-year: +16.12%, 3-year annualised: +11.95%, 5-year annualised: +7.22%, 10-year annualised: +9.82%. 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 5.65%, 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, 11.6%), Caterpillar Inc (CAT, 10.7%), Microsoft Corporation (MSFT, 5.2%), UnitedHealth Group Incorporated (UNH, 4.9%), Amgen Inc (AMGN, 4.1%) — 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 (27.1%), Industrials (18.6%), Technology (17.8%). 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 $213M 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 9.19% and a beta of 0.74 (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
2026-06-22	$28.55	$28.55	$28.33	$28.36	$28.36	3,185
2026-06-19	$28.00	$28.05	$28.00	$28.05	$28.05	356
2026-06-18	$28.49	$28.49	$28.30	$28.32	$28.32	3,960
2026-06-17	$28.62	$28.62	$28.25	$28.25	$28.25	9,167
2026-06-16	$28.40	$28.59	$28.40	$28.48	$28.48	4,597
2026-06-15	$28.32	$28.50	$28.32	$28.38	$28.38	3,030
2026-06-12	$28.00	$28.17	$28.00	$28.12	$28.12	5,447
2026-06-11	$27.65	$27.93	$27.65	$27.93	$27.93	1,240
2026-06-10	$27.74	$27.84	$27.63	$27.63	$27.63	7,118
2026-06-09	$27.92	$28.10	$27.74	$27.90	$27.90	3,122

#	Ticker	Name	Weight
1	GS	Goldman Sachs Group Inc	11.58%
2	CAT	Caterpillar Inc	10.73%
3	MSFT	Microsoft Corporation	5.21%
4	UNH	UnitedHealth Group Incorporated	4.85%
5	AMGN	Amgen Inc	4.12%
6	V	Visa Inc. Class A	4.11%
7	AXP	American Express Company	3.86%
8	TRV	The Travelers Companies Inc	3.81%
9	HD	The Home Depot Inc	3.77%
10	SHW	Sherwin-Williams Co	3.73%

Sector	Weight
Financial Services	27.09%
Industrials	18.60%
Technology	17.77%
Healthcare	13.28%
Consumer Cyclicals	10.93%
Consumer Defensive	4.37%
Basic Materials	3.80%
Energy	2.30%
Communication Services	1.88%
Real Estate	0.00%
Utilities	0.00%

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

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Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

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