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 $28.53 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: +2.77%, 1-year: +14.16%, 3-year annualised: +12.48%, 5-year annualised: +7.23%, 10-year annualised: +9.66%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 0.71, 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 5.71%, 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, 12.5%), Caterpillar Inc (CAT, 10.1%), UnitedHealth Group Incorporated (UNH, 4.9%), Microsoft Corporation (MSFT, 4.4%), The Travelers Companies Inc (TRV, 4.2%) — 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 (28.7%), Industrials (17.1%), Technology (16.0%). 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 $217M 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 8.94% and a beta of 0.72 (less volatile than the broad market). Its 3-year Sharpe ratio of 0.71 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
2026-08-20	$28.59	$28.59	$28.52	$28.53	$28.53	1,016
2026-08-19	$28.86	$28.91	$28.80	$28.80	$28.80	2,104
2026-08-18	$28.86	$28.86	$28.82	$28.82	$28.82	875
2026-08-17	$28.96	$28.96	$28.88	$28.89	$28.89	1,783
2026-08-14	$29.03	$29.03	$29.03	$29.03	$29.03	0
2026-08-13	$29.12	$29.12	$29.01	$29.03	$29.03	1,738
2026-08-12	$28.97	$28.97	$28.97	$28.97	$28.97	0
2026-08-11	$29.04	$29.04	$29.02	$29.02	$29.02	2,724
2026-08-10	$29.24	$29.24	$29.02	$29.02	$29.02	367
2026-08-07	$29.15	$29.15	$29.15	$29.15	$29.15	310

#	Ticker	Name	Weight
1	GS	Goldman Sachs Group Inc	12.49%
2	CAT	Caterpillar Inc	10.11%
3	UNH	UnitedHealth Group Incorporated	4.91%
4	MSFT	Microsoft Corporation	4.44%
5	TRV	The Travelers Companies Inc	4.23%
6	AMGN	Amgen Inc	4.16%
7	V	Visa Inc. Class A	4.02%
8	AXP	American Express Company	3.97%
9	JPM	JPMorgan Chase & Co	3.96%
10	GOOGL	Alphabet Inc Class A	3.89%

Sector	Weight
Financial Services	28.69%
Industrials	17.09%
Technology	16.04%
Healthcare	13.44%
Consumer Cyclicals	10.04%
Communication Services	4.98%
Consumer Defensive	3.88%
Basic Materials	3.64%
Energy	2.20%
Real Estate	0.00%
Utilities	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