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 $17.42 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: +7.00%, 1-year: +29.26%, 3-year annualised: +23.77%. Past performance is not a guarantee of future results. The 3-year Sharpe ratio is 1.62, 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 11.44%, 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, 25.0%), Toronto Dominion Bank (TD, 17.0%), Bank of Montreal (BMO, 10.8%), Canadian Imperial Bank Of Commerce (CM, 9.2%), Bank of Nova Scotia (BNS, 9.2%) — 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%), Basic Materials (0.0%), Consumer Cyclicals (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 $2.51B 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 11.56% and a beta of 0.83 (less volatile than the broad market). Its 3-year Sharpe ratio of 1.62 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
2026-09-10	$17.26	$17.42	$17.26	$17.42	$17.42	263,866
2026-09-09	$17.43	$17.43	$17.30	$17.37	$17.37	396,840
2026-09-08	$17.68	$17.70	$17.53	$17.54	$17.54	328,206
2026-09-04	$17.77	$17.83	$17.72	$17.75	$17.75	121,800
2026-09-03	$17.57	$17.80	$17.56	$17.77	$17.77	324,320
2026-09-02	$17.30	$17.56	$17.30	$17.55	$17.55	243,188
2026-09-01	$17.38	$17.44	$17.19	$17.30	$17.30	355,988
2026-08-31	$17.51	$17.57	$17.40	$17.43	$17.43	346,353
2026-08-28	$17.73	$17.77	$17.59	$17.71	$17.71	403,690
2026-08-27	$17.80	$17.80	$17.51	$17.67	$17.67	279,248

#	Ticker	Name	Weight
1	RY	Royal Bank of Canada	24.97%
2	TD	Toronto Dominion Bank	16.97%
3	BMO	Bank of Montreal	10.76%
4	CM	Canadian Imperial Bank Of Commerce	9.24%
5	BNS	Bank of Nova Scotia	9.19%
6	BN	Brookfield Corporation	8.92%
7	MFC	Manulife Financial Corp	6.36%
8	NA	National Bank of Canada	5.44%
9	GWO	Great-West Lifeco Inc.	5.13%
10	SLF	Sun Life Financial Inc.	3.92%

Sector	Weight
Financial Services	100.00%
Basic Materials	0.00%
Consumer Cyclicals	0.00%
Real Estate	0.00%
Communication Services	0.00%
Energy	0.00%
Industrials	0.00%
Technology	0.00%
Consumer Defensive	0.00%
Healthcare	0.00%
Utilities	0.00%

Ticker	Name	Price	1D
OILU		$65.56	+11.27%
HOU	BetaPro Crude Oil Daily Bull ETF	$29.03	+11.14%
SLVD	BetaPro Silver -2x Daily Bear ETF	$31.94	+10.98%
CGMD		$5.11	+10.61%
SOXD		$15.41	+7.69%
AAPU		$43.36	+7.33%
MSTZ		$3.24	+7.28%
GASD		$5.46	+6.64%

CIBC Investor's Edge

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