VS
BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZWE focuses its top 3 sector exposures on Financials, Consumer Discretionary, and Industrials, while ZEQ leans towards Industrials, Health Care, and Consumer Staples. When evaluating costs, ZWE features a management fee (MER) of 0.65%, compared to 0.4% for ZEQ. Performance-wise, ZWE has returned 1.69% year-to-date with +$22 M in net flows, whereas ZEQ is at 2.46% with -$12 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
ZWE
ZEQ
| AuM | $759.21 M | $339.35 M |
| Management Fees | 0.65% | 0.40% |
| Exp. ratio | 0.73% | 0.45% |
| Tracking Difference | - | -1.56% |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZWE | +4.79% | +0.18% | +1.69% | +14.27% | +28.57% |
ZEQ | +6.57% | -0.80% | +2.46% | +8.66% | +14.62% | |
| Flows | ZWE | -$2 M | +$20 M | +$22 M | +$102 M | +$55 M |
ZEQ | -$6 M | -$15 M | -$12 M | -$619 M | -$500 M |
ZWE vs ZEQ exposure
Countries
ZWE
United Kingdom
23.61%
Switzerland
22.68%
Germany
18.03%
France
16.16%
Netherlands
7.12%
Other
12.39%
ZEQ
Switzerland
28.06%
United Kingdom
25.82%
France
11.32%
Netherlands
10.69%
Germany
8.03%
Other
16.08%
Sectors
ZWE
Financials
22.22%
Other
10.82%
Consumer Discretionary
10.71%
Industrials
10.43%
Energy
10.29%
Materials
8.40%
Other
27.13%
ZEQ
Industrials
20.38%
Health Care
17.00%
Other
14.37%
Consumer Staples
11.23%
Financials
10.18%
Consumer Discretionary
9.64%
Other
17.19%
As of April 24, 2026
Top 10 Holdings
ZWE
RIO TINTO
5.51%
TOTALENERGIES SE
5.41%
SHELL PLC
4.89%
HSBC HOLDINGS
4.81%
NOVARTIS
4.67%
CH1499059983
4.39%
ALLIANZ SE
3.79%
NESTLE SA
3.58%
ENEL GLOBAL TRADING
3.56%
LVMH MOET HENNESSY LOUIS VUITT
3.56%
ZEQ
ASML HOLDING
6.31%
NOVARTIS
5.93%
ASTRAZENECA
5.67%
CH1499059983
5.34%
NESTLE SA
4.95%
DK0062498333
3.16%
GB00BVZK7T90
2.90%
GSK PLC
2.84%
ALLIANZ SE
2.78%
ABB
2.65%
Diversification
ZWE
Total weight of top 10 holdings out of 34 total
44.15%
ZEQ
Total weight of top 10 holdings out of 121 total
42.52%
Characteristics
Compare
ZWE
ZEQ
| Provider | BMO | BMO |
| Management | Actively managed | Passively managed |
| Benchmark | - | MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 6.83% | 3.01% |
| Meets ESG criteria | No | No |
| Inception Date | September 9, 2015 | February 10, 2014 |
Frequently asked questions about ZWE and ZEQ
Which ETF has performed better year to date: ZWE or ZEQ?
As of April 24, 2026, ZWE has returned 1.69% year to date, while ZEQ has returned 2.46%. ZEQ is ahead on YTD performance.
Which ETF is larger by assets under management: ZWE or ZEQ?
As of April 24, 2026, ZWE manages $759.21 M in assets, while ZEQ manages $339.35 M. ZWE is the larger fund by AUM.
How are ZWE and ZEQ managed?
ZWE is actively managed by BMO. It does not track an index. ZEQ is passively managed by BMO. It tracks the MSCI Europe Quality 100% Hedged to CAD Net Total Return Index - CAD benchmark.
What sectors do ZWE and ZEQ emphasize?
ZWE is most exposed to Financials, Consumer Discretionary, and Industrials. ZEQ is most exposed to Industrials, Health Care, and Consumer Staples.
Which ETF is attracting more investor flows: ZWE or ZEQ?
Year to date, ZWE has seen +$21.64 M in net flows, compared with -$12.16 M for ZEQ. ZWE has attracted more net investor money so far.
How do the fees of ZWE and ZEQ compare?
ZWE has an expense ratio of 0.73%, while ZEQ has an expense ratio of 0.45%.
What are the top holdings of ZWE and ZEQ?
ZWE's largest holdings include RIO TINTO and TOTALENERGIES SE. ZEQ's top holdings include ASML HOLDING and NOVARTIS.
Which ETF is more diversified: ZWE or ZEQ?
ZWE holds 31 securities, while ZEQ holds 112. On holdings count, ZEQ is the more diversified portfolio.
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