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 $28.34 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: +2.09%, 1-year: +12.61%, 3-year annualised: +10.66%, 5-year annualised: +6.84%, 10-year annualised: +9.50%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 0.79, 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 5.62%, 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 Caterpillar Inc (CAT, 12.3%), Goldman Sachs Group Inc (GS, 11.6%), UnitedHealth Group Incorporated (UNH, 4.8%), Microsoft Corporation (MSFT, 4.3%), Amgen Inc (AMGN, 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 (28.6%), Industrials (19.0%), Technology (16.8%). 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 $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 8.93% and a beta of 0.74 (less volatile than the broad market). Its 3-year Sharpe ratio of 0.79 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
2026-07-31	$28.23	$28.34	$28.19	$28.34	$28.34	2,492
2026-07-30	$28.05	$28.05	$28.05	$28.05	$28.05	0
2026-07-29	$28.34	$28.34	$28.05	$28.05	$27.90	500
2026-07-28	$28.76	$28.76	$28.62	$28.62	$28.62	1,200
2026-07-27	$28.35	$28.44	$28.27	$28.37	$28.37	4,555
2026-07-24	$28.15	$28.15	$28.15	$28.15	$28.15	0
2026-07-23	$28.18	$28.18	$28.10	$28.16	$28.16	1,541
2026-07-22	$28.50	$28.50	$28.50	$28.50	$28.50	776
2026-07-21	$28.29	$28.50	$28.29	$28.50	$28.50	600
2026-07-20	$28.37	$28.37	$28.23	$28.23	$28.23	2,019

#	Ticker	Name	Weight
1	CAT	Caterpillar Inc	12.25%
2	GS	Goldman Sachs Group Inc	11.64%
3	UNH	UnitedHealth Group Incorporated	4.78%
4	MSFT	Microsoft Corporation	4.29%
5	AMGN	Amgen Inc	4.17%
6	GOOGL	Alphabet Inc Class A	4.11%
7	HD	The Home Depot Inc	4.06%
8	SHW	Sherwin-Williams Co	3.96%
9	V	Visa Inc. Class A	3.95%
10	AXP	American Express Company	3.89%

Sector	Weight
Financial Services	28.59%
Industrials	19.03%
Technology	16.83%
Healthcare	12.93%
Consumer Cyclicals	10.77%
Consumer Defensive	4.15%
Basic Materials	3.82%
Energy	2.09%
Communication Services	1.78%
Real Estate	0.00%
Utilities	0.00%

Ticker	Name	Price	1D
AMZU		$28.46	+30.19%
AMHE-U	Harvest Amazon Enhanced High Income Shares ETF	$14.27	+16.68%
COID		$8.24	+16.38%
AMHE	Harvest Amazon Enhanced High Income Shares ETF - Class A Units	$14.70	+14.84%
ALPU		$19.24	+13.51%
AMZH-U	Harvest Amazon High Income Shares ETF	$13.87	+13.13%
MSFH-U	Harvest Microsoft Enhanced High Income Shares ETF	$9.48	+12.46%
PINV	Purpose Global Innovators Fund ETF	$31.26	+12.08%

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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