TSX · CAD · ETF

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) ETF Analysis

ZWA.TO

Expense ratio 0.65% Yield 6.09% Assets CA$209.83M Since October 20, 2011 Family BMO Asset Management Inc

Last Updated: October 21, 2026

CA$28.11

+CA$0.10 (+0.36%)

October 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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ZWA.TO Annualized Returns

With dividends reinvested · as of October 21, 2026

Period	Total return	Annualized	CA$100 becomes	CA$300 becomes
1 year	+9.01%	+9.01%	CA$109.01	CA$327.04
3 years	+46.15%	+13.48%	CA$146.15	CA$438.45
5 years	+39.20%	+6.84%	CA$139.20	CA$417.59
10 years	+154.37%	+9.79%	CA$254.37	CA$763.11

Returns are total returns computed from daily closes, with dividends reinvested. As of October 21, 2026.

ZWA.TO Return by Calendar Year

2016 and 2026 are partial years

+22.20%−7.74%+6.55%

2016*2017201820192020202120222023202420252026*

View as table ↓View as chart ↑

Year	Return
2026 (partial year)	+6.55%
2025	+10.55%
2024	+12.02%
2023	+12.15%
2022	−7.74%
2021	+19.91%
2020	+5.33%
2019	+21.16%
2018	−6.90%
2017	+22.20%
2016 (partial year)	+4.64%

ZWA.TO Monthly Returns

−13%+12%

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	+1.0	−0.1	−5.3	+6.3	+2.2	+2.4	+0.0	+1.4	−3.7	+2.7	—	—
2025	+3.8	−2.3	−3.3	−4.2	+4.1	+3.7	+0.2	+3.3	+1.5	+2.4	+0.3	+1.1
2024	+1.2	+2.0	+1.8	−4.0	+0.4	+2.4	+3.7	+1.7	+1.3	−0.3	+7.2	−5.4
2023	+2.3	−3.1	+1.7	+2.7	−3.1	+4.1	+2.9	−1.7	−3.1	−1.0	+7.5	+3.1
2022	−3.7	−3.1	+2.4	−4.2	+0.1	−6.3	+6.3	−3.1	−8.3	+12.0	+4.6	−2.9
2021	−1.5	+3.6	+6.6	+2.0	+2.1	+0.2	+1.4	+1.7	−4.0	+4.6	−3.2	+5.4
2020	−1.3	−11.2	−12.4	+10.3	+3.9	+1.5	+2.0	+8.3	−2.3	−5.0	+12.0	+2.8
2019	+7.3	+3.5	+0.1	+1.9	−6.0	+6.3	+1.4	−1.8	+2.2	+0.3	+3.3	+1.6
2018	+3.7	−3.6	−3.3	+0.4	+1.2	−0.6	+4.6	+1.9	+1.7	−4.9	+1.3	−8.6
2017	+0.8	+4.2	−0.4	+1.3	+0.3	+1.5	+1.8	+0.6	+1.5	+3.7	+3.3	+1.7

Monthly total returns with dividends reinvested; each cell prints its signed value.

ZWA.TO Volatility & Risk

Volatility: 10 yrs · Beta: 3 yrs

Annualized volatility: 17.05%
Beta (3y): 0.73
Best year: +22.20%
Worst year: −7.74%

Volatility is the annualized standard deviation of daily returns. As of October 21, 2026.

Top Holdings

#	Symbol	Name	Weight
1	GS	The Goldman Sachs Group Inc	10.81%
2	CAT	Caterpillar Inc	9.02%
3	MSFT	Microsoft Corp	5.65%
4	TRV	The Travelers Companies Inc	4.37%
5	AMGN	Amgen Inc	4.34%
6	UNH	UnitedHealth Group Inc	4.33%
7	V	Visa Inc Class A	4.28%
8	JPM	JPMorgan Chase & Co	4.02%
9	GOOGL	Alphabet Inc Class A	3.95%
10	AAPL	Apple Inc	3.83%

Analysis

Data-derived

Fund Overview

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA.TO) is an exchange-traded fund. The fund holds CA$209.83M in total net assets. The expense ratio is 0.65%. On a CA$10,000 position that is CA$65.00 a year. BMO Asset Management Inc is the fund family on file. It has been trading since October 20, 2011.

The largest positions on file are The Goldman Sachs Group Inc (GS), Caterpillar Inc (CAT), and Microsoft Corp (MSFT). The Goldman Sachs Group Inc alone accounts for 10.81% of the portfolio. The ten largest positions together make up 54.61% of the fund.

Performance Analysis

ZWA.TO last closed at CA$28.11 on October 21, 2026. The trailing one-year total return is +9.01%. Measured over 10 years, that is +9.79% a year compounded. The fund distributes at a trailing yield of 6.09%.

Across the complete calendar years on file, 2017 returned +22.20% and 2022 returned −7.74%. Of the 9 complete calendar years on file, 7 finished higher. 2026 is still running; the total return is +6.55% year to date.

Price & Risk Profile

Daily returns over the trailing 10 years annualize to a volatility of 17.05%. The reported beta is 0.73. The 52-week range on file runs from CA$25.36 to CA$29.97. The latest close sits 10.84% above that 52-week low. The volatility figure is calculated from the stored daily closes, the same series the charts on this page use.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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