Question 1

What is HMAX?

Accepted Answer

HMAX — Hamilton Canadian Financials YIELD MAXIMIZER ETF — is a Canadian-listed ETF trading on the TSX. HMAX is designed for attractive monthly income, while providing exposure to a market cap-weighted portfolio of Canadian financial services stocks. To reduce volatility and augment dividend income, HMAX will employ an active covered call strategy.

Question 2

What is the HMAX ETF price today?

Accepted Answer

HMAX last traded at $17.90 CAD on the TSX. See the price chart above for recent performance.

Question 3

What is the HMAX MER (management expense ratio)?

Accepted Answer

HMAX has a management expense ratio (MER) of 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 HMAX annualised returns?

Accepted Answer

HMAX historical returns: YTD: +9.95%, 1-year: +26.31%, 3-year annualised: +29.35%, 5-year annualised: +0.00%, 10-year annualised: +0.00%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.71, which measures risk-adjusted return.

Question 5

Does HMAX pay dividends or distributions?

Accepted Answer

Yes, HMAX distributes income to unitholders. The current distribution yield is approximately 11.28%, 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 HMAX invest in?

Accepted Answer

HMAX's top holdings include Royal Bank of Canada (RY, 24.8%), Toronto Dominion Bank (TD, 18.3%), Bank of Montreal (BMO, 11.1%), Bank of Nova Scotia (BNS, 10.5%), Canadian Imperial Bank Of Commerce (CM, 9.1%) — and 5 more positions. See the full Top 10 Holdings table above for a complete breakdown. The fund tracks the Morningstar Gbl Fin Svc GR CAD.

Question 7

What sectors does HMAX invest in?

Accepted Answer

HMAX's largest sector exposures are Financial Services (100.0%), Energy (0.0%), Utilities (0.0%). The full sector breakdown is shown in the Sector Weights table on this page.

Question 8

How large is HMAX? (Assets under management)

Accepted Answer

HMAX has approximately $2.63B 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 HMAX launched?

Accepted Answer

HMAX was launched on January 20, 2023, giving it a 3-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 HMAX in Canada?

Accepted Answer

HMAX trades on the TSX under the ticker HMAX. 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 HMAX?

Accepted Answer

HMAX has a 1-year volatility of 11.64% and a beta of 0.80 (less volatile than the broad market). Its 3-year Sharpe ratio of 1.71 indicates solid risk-adjusted returns. As with all market-linked investments, past volatility does not predict future risk.

Date	Open	High	Low	Close	Adj Close	Volume
2026-10-29	$17.86	$17.98	$17.85	$17.90	$17.90	585,570
2026-10-28	$17.75	$17.79	$17.67	$17.78	$17.78	205,000
2026-10-27	$17.62	$17.74	$17.56	$17.73	$17.73	200,945
2026-10-26	$17.55	$17.67	$17.55	$17.62	$17.62	243,866
2026-10-23	$17.50	$17.52	$17.33	$17.48	$17.48	313,534
2026-10-22	$17.47	$17.62	$17.46	$17.59	$17.59	178,875
2026-10-21	$17.45	$17.63	$17.45	$17.60	$17.60	340,568
2026-10-20	$17.22	$17.42	$17.20	$17.39	$17.39	119,337
2026-10-19	$17.33	$17.33	$17.19	$17.25	$17.25	245,691
2026-10-16	$17.35	$17.47	$17.30	$17.34	$17.34	240,557

#	Ticker	Name	Weight
1	RY	Royal Bank of Canada	24.80%
2	TD	Toronto Dominion Bank	18.26%
3	BMO	Bank of Montreal	11.09%
4	BNS	Bank of Nova Scotia	10.46%
5	CM	Canadian Imperial Bank Of Commerce	9.11%
6	BN	Brookfield Corporation	8.08%
7	MFC	Manulife Financial Corp	6.56%
8	GWO	Great-West Lifeco Inc.	5.38%
9	NA	National Bank of Canada	5.18%
10	SLF	Sun Life Financial Inc.	4.09%

Ticker	Name	Price	1D
CGMD		$7.10	+11.64%
LLHE-U	Harvest Eli Lilly Enhanced High Income Shares ETF	$11.25	+9.22%
GASD		$6.29	+8.45%
GDXD	BetaPro Canadian Gold Miners -2x Daily Bear ETF	$9.91	+7.89%
SLVD	BetaPro Silver -2x Daily Bear ETF	$45.86	+7.83%
HND	BetaPro Natural Gas 2x Daily Bear	$29.33	+6.97%
LLHE	Harvest Eli Lilly Enhanced High Income Shares ETF - Class A Units	$11.55	+6.06%
QQQD		$6.98	+4.96%

Hamilton Canadian Financials YIELD MAXIMIZER ETF (HMAX : TSX)

Price Chart (30 Days)

Key Statistics

Recent Price History

Annualised Returns

Top 10 Holdings

Sector Weights

About Hamilton Canadian Financials YIELD MAXIMIZER ETF

ETF Details

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Frequently Asked Questions — HMAX