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 $28.23 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: +1.69%, 1-year: +14.41%, 3-year annualised: +11.84%, 5-year annualised: +7.34%, 10-year annualised: +9.58%. 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 Goldman Sachs Group Inc (GS, 13.1%), Caterpillar Inc (CAT, 11.4%), UnitedHealth Group Incorporated (UNH, 4.8%), Microsoft Corporation (MSFT, 4.5%), Amgen Inc (AMGN, 4.1%) — 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 (19.1%), 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 $214M 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
2026-07-20	$28.37	$28.37	$28.23	$28.23	$28.23	2,019
2026-07-17	$28.42	$28.46	$28.38	$28.38	$28.38	10,842
2026-07-16	$28.61	$28.70	$28.61	$28.70	$28.70	754
2026-07-15	$28.70	$28.70	$28.60	$28.67	$28.67	828
2026-07-14	$28.52	$28.60	$28.52	$28.60	$28.60	807
2026-07-13	$28.62	$28.62	$28.61	$28.61	$28.61	1,097
2026-07-10	$28.69	$28.72	$28.68	$28.70	$28.70	1,002
2026-07-09	$28.60	$28.63	$28.59	$28.61	$28.61	647
2026-07-08	$28.80	$28.80	$28.43	$28.49	$28.49	1,529
2026-07-07	$28.90	$28.90	$28.75	$28.78	$28.78	1,555

#	Ticker	Name	Weight
1	GS	Goldman Sachs Group Inc	13.15%
2	CAT	Caterpillar Inc	11.44%
3	UNH	UnitedHealth Group Incorporated	4.78%
4	MSFT	Microsoft Corporation	4.53%
5	AMGN	Amgen Inc	4.09%
6	AXP	American Express Company	4.07%
7	JPM	JPMorgan Chase & Co	3.99%
8	V	Visa Inc. Class A	3.95%
9	HD	The Home Depot Inc	3.92%
10	SHW	Sherwin-Williams Co	3.75%

Sector	Weight
Financial Services	28.59%
Industrials	19.08%
Technology	16.82%
Healthcare	12.90%
Consumer Cyclicals	10.78%
Consumer Defensive	4.14%
Basic Materials	3.83%
Energy	2.07%
Communication Services	1.78%
Real Estate	0.00%
Utilities	0.00%

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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