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Hamilton Canadian Bank Equal-Weight Index ETF (HEB) and BMO Covered Call Canadian Banks ETF (ZWB) offer distinct profiles for Canadian ETF investors. A direct comparison shows that HEB focuses its top 3 sector exposures on Finance, while ZWB leans towards Finance. When evaluating costs, HEB features a management fee (MER) of 0.19%, compared to 0.65% for ZWB. Performance-wise, HEB has returned 32.74% year-to-date with +$85 M in net flows, whereas ZWB is at 28.3% with +$56 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
HEB
ZWB
| AuM | $1,447.38 M | $4,765.81 M |
| Management Fees | 0.19% | 0.65% |
| Exp. ratio | 0.25% | 0.72% |
| Tracking Difference | -0.44% | - |
Historical performance and flows
As of July 30, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | HEB | +0.44% | +16.11% | +32.74% | +67.59% | +147.15% |
ZWB | +0.49% | +14.66% | +28.30% | +56.89% | +109.01% | |
| Flows | HEB | +$3 M | +$57 M | +$85 M | +$133 M | +$158 M |
ZWB | +$47 M | +$43 M | +$56 M | +$46 M | -$204 M |
HEB vs ZWB exposure
Countries
HEB
Canada
99.98%
ZWB
Canada
100.22%
Sectors
HEB
Finance
99.98%
ZWB
Finance
100.22%
As of July 30, 2026
Top 10 Holdings
HEB
The Toronto-Dominion Bank
17.35%
Royal Bank of Canada
17.35%
Bank of Montreal
17.08%
The Bank of Nova Scotia
16.42%
Canadian Imperial Bank of Commerce
15.89%
National Bank of Canada
15.88%
ZWB
Bank of Montreal
17.32%
The Toronto-Dominion Bank
17.30%
Royal Bank of Canada
17.03%
The Bank of Nova Scotia
16.71%
National Bank of Canada
15.99%
Canadian Imperial Bank of Commerce
15.86%
Diversification
HEB
Total weight of top 10 holdings out of 6 total
99.98%
ZWB
Total weight of top 10 holdings out of 6 total
100.22%
Characteristics
Compare
HEB
ZWB
| Provider | Hamilton ETFs | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | Solactive Equal Weight Canada Banks GTR Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.59% | 4.92% |
| Meets ESG criteria | No | No |
| Inception Date | April 3, 2023 | January 28, 2011 |
Frequently asked questions about HEB and ZWB
Which ETF has performed better year to date: HEB or ZWB?
As of July 30, 2026, HEB has returned 32.74% year to date, while ZWB has returned 28.30%. HEB is ahead on YTD performance.
Which ETF is larger by assets under management: HEB or ZWB?
As of July 30, 2026, HEB manages $1.45 B in assets, while ZWB manages $4.77 B. ZWB is the larger fund by AUM.
How are HEB and ZWB managed?
HEB is passively managed by Hamilton ETFs. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark. ZWB is actively managed by BMO. It does not track an index.
What sectors do HEB and ZWB emphasize?
HEB is most exposed to Finance. ZWB is most exposed to Finance.
Which ETF is attracting more investor flows: HEB or ZWB?
Year to date, HEB has seen +$85.17 M in net flows, compared with +$56.41 M for ZWB. HEB has attracted more net investor money so far.
How do the fees of HEB and ZWB compare?
HEB has an expense ratio of 0.25%, while ZWB has an expense ratio of 0.72%.
What are the top holdings of HEB and ZWB?
HEB's largest holdings include The Toronto-Dominion Bank, Royal Bank of Canada, and Bank of Montreal. ZWB's top holdings include Bank of Montreal, The Toronto-Dominion Bank, and Royal Bank of Canada.
Which ETF is more diversified: HEB or ZWB?
HEB holds 6 securities, while ZWB holds 6. On holdings count, HEB is the more diversified portfolio.
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