ZWB
BMO Covered Call Canadian Banks ETF

Full ZWB fund page
VS
HMAX
Hamilton Canadian Financials Yield Maximizer ETF

Full HMAX fund page

Compare BMO Covered Call Canadian Banks ETF (ZWB) vs Hamilton Canadian Financials Yield Maximizer ETF (HMAX) to find the best fit for your portfolio. ZWB and HMAX provide the same top sector exposures: Financials. When evaluating costs, ZWB features a management fee (MER) of 0.65%, compared to 0.65% for HMAX. Performance-wise, ZWB has returned 10.55% year-to-date with +$10 M in net flows, whereas HMAX is at 6.15% with +$197 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.

NAV Performance and Flows

-20246810%Mar 24Mar 31Apr 8Apr 15Apr 22

Key Data

Historical performance and flows

As of April 24, 2026
1M3MYTD1Y3Y
Perf.
ZWB
+9.56%+9.84%+10.55%+54.48%+83.66%
HMAX
+8.49%+5.76%+6.15%+38.66%+69.64%
Flows
ZWB
-$9 M+$2 M+$10 M-$45 M-$148 M
HMAX
+$3 M+$143 M+$197 M+$658 M+$1,694 M

ZWB vs HMAX exposure

Countries

ZWB
Canada
100.12%
HMAX
Canada
101.40%

Sectors

ZWB
Financials
100.12%
HMAX
Financials
90.60%
Other
9.40%
As of April 24, 2026

Top 10 Holdings

ZWB
TORONTO DOMINION
16.89%
ROYAL BK CANADA
16.86%
BNS
16.70%
BANK OF MONTREAL
16.61%
NATIONAL BANK OF CANADA
16.60%
CDN IMPERIAL BK
16.45%
HMAX
ROYAL BK CANADA
24.50%
TORONTO DOMINION
17.00%
CA11271J1075
10.80%
BANK OF MONTREAL
10.40%
CDN IMPERIAL BK
9.50%
BNS
9.30%
MANULIFE-S
6.30%
NATIONAL BANK OF CANADA
5.50%
GREAT WEST LIFECO
4.60%
INTACT FINANCIAL
3.50%

Diversification

ZWB
Total weight of top 10 holdings out of 6 total
100.12%
HMAX
Total weight of top 10 holdings out of 10 total
101.40%

Characteristics

Compare
ZWB
HMAX
ProviderBMOHamilton ETFs
ManagementActively managedActively managed
Benchmark--
Replication Method
Asset ClassEquityEquity
Dividend PolicyDistributingDistributing
Trailing 12m distribution yield5.04%11.88%
Meets ESG criteriaNoNo
Inception DateJanuary 28, 2011January 20, 2023

Frequently asked questions about ZWB and HMAX

Which ETF has performed better year to date: ZWB or HMAX?
As of April 24, 2026, ZWB has returned 10.55% year to date, while HMAX has returned 6.15%. ZWB is ahead on YTD performance.
Which ETF is larger by assets under management: ZWB or HMAX?
As of April 24, 2026, ZWB manages $4.15 B in assets, while HMAX manages $2.20 B. ZWB is the larger fund by AUM.
How are ZWB and HMAX managed?
ZWB is actively managed by BMO. It does not track an index. HMAX is actively managed by Hamilton ETFs. It does not track an index.
What sectors do ZWB and HMAX emphasize?
ZWB is most exposed to Financials. HMAX is most exposed to Financials.
Which ETF is attracting more investor flows: ZWB or HMAX?
Year to date, ZWB has seen +$10.50 M in net flows, compared with +$197.26 M for HMAX. HMAX has attracted more net investor money so far.
How do the fees of ZWB and HMAX compare?
ZWB has an expense ratio of 0.72%, while HMAX has an expense ratio of 0.80%.
What are the top holdings of ZWB and HMAX?
ZWB's largest holdings include TORONTO DOMINION, ROYAL BK CANADA, and BNS. HMAX's top holdings include ROYAL BK CANADA and TORONTO DOMINION.
Which ETF is more diversified: ZWB or HMAX?
ZWB holds 6 securities, while HMAX holds 10. On holdings count, HMAX is the more diversified portfolio.

Recent articles about ZWB and HMAX

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