A side-by-side comparison of BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and iShares MSCI Europe Financials ETF (EUFN) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZWE | EUFN |
|---|---|---|
| YTD Return | -0.14%✓ | -1.47% |
| 1-Day Change | -0.33% | +0.42%✓ |
| 1-Week Change | +0.33% | +0.37%✓ |
| 1-Month Change | -1.62% | -4.05%✓ |
| Current Price | $21.25 | $38.17 |
| AUM | $757M | $2.99B✓ |
| MER (Expense Ratio) | 0.66% | 0.52%✓ |
| Dividend Yield | 6.63%✓ | 3.99% |
| Distribution Frequency | Monthly | NA |
| Inception Date | 2015-09-02 | 2010-01-20 |
| Holdings Count | 1 | 84 |
| MorningStar Rating | — | — |
| Category | Europe Equity | Europe Equity |
| Beta | 0.71 | 0.88 |
| 52-Week High | $22.03 | $43.07 |
| 52-Week Low | $19.05 | $31.54 |
| 50-Day MA | $21.63 | $40.44 |
| 200-Day MA | $21.51 | $38.66 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZWE | EUFN |
|---|---|---|
| YTD | -0.14%✓ | -1.47% |
| 1 Year | +7.83% | +17.24%✓ |
| 3 Year | +11.96% | +33.97%✓ |
| 5 Year | +9.36% | +17.69%✓ |
| 10 Year | +7.93% | +12.87%✓ |
| 1Y Volatility | 9.39% | 18.56% |
| Sharpe Ratio (3Y) | 0.86 | 1.65 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ZWP | BMO Europe High Dividend Covered Call ETF | 104.67% |
| 1 | HSBA | HSBC Holdings PLC | 8.83% |
| 2 | ALV | Allianz SE VNA O.N. | 5.57% |
| 3 | SAN | Banco Santander S.A. | 5.33% |
| 4 | UBSG | UBS Group AG | 4.52% |
| 5 | BBVA | Banco Bilbao Vizcaya Argentaria SA | 4.12% |
| 6 | UCG | UniCredit S.p.A. | 3.43% |
| 7 | ZURN | Zurich Insurance Group AG | 3.16% |
| 8 | BNP | BNP Paribas SA | 2.90% |
| 9 | ISP | Intesa Sanpaolo SpA | 2.98% |
| 10 | INGA | ING Groep NV | 2.86% |
Sector Weights
| Sector | ZWE | EUFN |
|---|---|---|
| Basic Materials | 4.93% | 0.00% |
| Communication Services | 5.98% | 0.00% |
| Consumer Cyclicals | 3.23% | 0.00% |
| Consumer Defensive | 7.98% | 0.00% |
| Energy | 8.71% | 0.00% |
| Financial Services | 28.06% | 96.92% |
| Healthcare | 12.41% | 0.00% |
| Industrials | 14.58% | 0.73% |
| Real Estate | 0.00% | 0.00% |
| Technology | 6.63% | 1.13% |
| Utilities | 7.88% | 0.00% |
About ZWE
The BMO Europe High Dividend Covered Call Hedged to CAD ETF has been designed to provide exposure to a dividend focused portfolio, while earning call option premiums. The underlying portfolio is yield-weighted and broadly diversified across sectors. The Fund screens for securities for dividend growth, sustainability, and option liquidity. The Fund also dynamically writes covered call options. The call options are written out of the money and selected based on analyzing the option's available pre…
About EUFN
The fund generally will invest at least 80% of its assets in the component securities of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index. The index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of the financials sector of developed market countries in Europe.
Which ETF is Right for You?
Both ZWE and EUFN are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZWE scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between ZWE and EUFN?
ZWE (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and EUFN (iShares MSCI Europe Financials ETF) are both Canadian-listed ETFs. Key differences include their AUM ($757M vs $2.99B), dividend yield (6.63% vs 3.99%), and year-to-date performance (-0.14% vs -1.47%).
Is ZWE better than EUFN?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZWE has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZWE and EUFN on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZWE and EUFN should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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