ZWU vs ZWC: Which ETF Is Better for Canadian Investors?

ZWU

BMO Covered Call Utilities ETF

ZWC

BMO Canadian High Dividend Covered Call ETF

Compare BMO Covered Call Utilities ETF (ZWU) vs BMO Canadian High Dividend Covered Call ETF (ZWC) to find the best fit for your portfolio. ZWU provides Utilities, Energy, and Communication Services exposures, while ZWC is primarily weighted in Financials, Energy, and Materials. When evaluating costs, ZWU features a management fee (MER) of 0.65%, compared to 0.65% for ZWC. Performance-wise, ZWU has returned 9.1% year-to-date with +$34 M in net flows, whereas ZWC is at 7.81% with +$148 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

ZWU

ZWC

AuM	$2,131.75 M	$2,211.61 M
Management Fees	0.65%	0.65%
Exp. ratio	0.71%	0.72%
Tracking Difference	-	-

How good is ZWU ETF? Find full ZWU data and analysis, plus professional ETF selection, comparison, and portfolio tools, on Trackinsight

How good is ZWC ETF? Find full ZWC data and analysis, plus professional ETF selection, comparison, and portfolio tools, on Trackinsight

Historical performance and flows

As of April 24, 2026

		1M	3M	YTD	1Y	3Y
Perf.	ZWU	-1.25%	+7.18%	+9.10%	+16.05%	+28.68%
Perf.	ZWC	+3.34%	+4.91%	+7.81%	+30.78%	+49.39%
Flows	ZWU	+$43 M	+$19 M	+$34 M	+$216 M	+$160 M
Flows	ZWC	+$61 M	+$127 M	+$148 M	+$233 M	+$193 M

ZWU vs ZWC exposure

Countries

ZWU

Canada

54.22%

USA

43.05%

ZWC

Canada

98.30%

Sectors

ZWU

Utilities

56.11%

Energy

23.14%

Communication Services

21.65%

ZWC

Financials

34.20%

Energy

24.08%

Materials

10.84%

Utilities

9.26%

Other

7.17%

Communication Services

7.14%

Other

7.30%

As of April 24, 2026

More data on global ETFs and tools for fund selection at Trackinsight

Top 10 Holdings

ZWU

FORTIS

5.56%

HYDRO ONE

5.52%

VERIZON COMMUNICATIONS

5.41%

TC ENERGY CORP

5.38%

AT&T

4.86%

PEMBINA PIPELINE

4.85%

ENBRIDGE

4.80%

EMERA

4.52%

KINDER MORGAN

4.36%

NEXTERA ENERGY

4.35%

ZWC

ROYAL BK CANADA

6.76%

CDN NATURAL RESOURCE

6.22%

TORONTO DOMINION

5.41%

CDN IMPERIAL BK

5.31%

ENBRIDGE

5.23%

SUNCOR ENERGY

5.13%

BNS

4.81%

TC ENERGY CORP

4.10%

AGNICO EAGLE MINES LTD

3.63%

NUTRIEN LTD

3.57%

Diversification

ZWU

Total weight of top 10 holdings out of 29 total

49.61%

ZWC

Total weight of top 10 holdings out of 39 total

50.18%

Characteristics

Compare

ZWU

ZWC

Provider	BMO	BMO
Management	Actively managed	Actively managed
Benchmark	-	-
Replication Method
Asset Class	Equity	Equity
Dividend Policy	Distributing	Distributing
Trailing 12m distribution yield	7.08%	5.64%
Meets ESG criteria	No	No
Inception Date	October 27, 2011	February 9, 2017

Frequently asked questions about ZWU and ZWC

Which ETF has performed better year to date: ZWU or ZWC?

As of April 24, 2026, ZWU has returned 9.10% year to date, while ZWC has returned 7.81%. ZWU is ahead on YTD performance.

Which ETF is larger by assets under management: ZWU or ZWC?

As of April 24, 2026, ZWU manages $2.13 B in assets, while ZWC manages $2.21 B. ZWC is the larger fund by AUM.

How are ZWU and ZWC managed?

ZWU is actively managed by BMO. It does not track an index. ZWC is actively managed by BMO. It does not track an index.

What sectors do ZWU and ZWC emphasize?

ZWU is most exposed to Utilities, Energy, and Communication Services. ZWC is most exposed to Financials, Energy, and Materials.

Which ETF is attracting more investor flows: ZWU or ZWC?

Year to date, ZWU has seen +$34.36 M in net flows, compared with +$147.89 M for ZWC. ZWC has attracted more net investor money so far.

How do the fees of ZWU and ZWC compare?

ZWU has an expense ratio of 0.71%, while ZWC has an expense ratio of 0.72%.

What are the top holdings of ZWU and ZWC?

ZWU's largest holdings include FORTIS, HYDRO ONE, and VERIZON COMMUNICATIONS. ZWC's top holdings include ROYAL BK CANADA and CDN NATURAL RESOURCE.

Which ETF is more diversified: ZWU or ZWC?

ZWU holds 29 securities, while ZWC holds 34. On holdings count, ZWC is the more diversified portfolio.

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ZWU vs ZWC ETF Comparison