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 Telecommunications exposures, while ZWC is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, ZWU features a management fee (MER) of 0.65%, compared to 0.65% for ZWC. Performance-wise, ZWU has returned 11.9% year-to-date with +$123 M in net flows, whereas ZWC is at 14.7% with +$284 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	$2,237.99 M	$2,455.74 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 July 29, 2026

		1M	3M	YTD	1Y	3Y
Perf.	ZWU	+0.20%	+2.94%	+11.90%	+14.67%	+40.48%
Perf.	ZWC	+2.59%	+6.85%	+14.70%	+28.95%	+62.41%
Flows	ZWU	+$23 M	+$88 M	+$123 M	+$249 M	+$275 M
Flows	ZWC	+$41 M	+$130 M	+$284 M	+$345 M	+$294 M

ZWU vs ZWC exposure

Countries

ZWU

Canada

56.93%

USA

40.53%

ZWC

Canada

97.69%

Sectors

ZWU

Utilities

50.22%

Energy

27.21%

Telecommunications

20.46%

ZWC

Finance

41.96%

Energy

21.33%

Non-Energy Materials

10.91%

Utilities

7.33%

Other

18.47%

As of July 29, 2026

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

Top 10 Holdings

ZWU

Fortis, Inc.

5.68%

Hydro One Ltd.

5.58%

TC Energy Corp.

5.39%

Enbridge, Inc.

5.24%

The Williams Cos., Inc.

4.76%

Pembina Pipeline Corp.

4.73%

Verizon Communications, Inc.

4.62%

Emera, Inc.

4.61%

The Southern Co.

4.13%

BCE, Inc.

4.07%

ZWC

Royal Bank of Canada

7.91%

The Toronto-Dominion Bank

6.64%

Canadian Imperial Bank of Commerce

6.04%

The Bank of Nova Scotia

5.86%

Enbridge, Inc.

5.16%

Canadian Natural Resources Ltd.

4.73%

TC Energy Corp.

4.30%

Bank of Montreal

4.01%

Suncor Energy, Inc.

3.92%

Fortis, Inc.

3.48%

Diversification

ZWU

Total weight of top 10 holdings out of 30 total

48.81%

ZWC

Total weight of top 10 holdings out of 40 total

52.05%

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	7.03%	5.58%
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 July 29, 2026, ZWU has returned 11.90% year to date, while ZWC has returned 14.70%. ZWC is ahead on YTD performance.

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

As of July 29, 2026, ZWU manages $2.24 B in assets, while ZWC manages $2.46 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 Telecommunications. ZWC is most exposed to Finance, Energy, and Non-Energy Materials.

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

Year to date, ZWU has seen +$123.19 M in net flows, compared with +$284.17 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, Inc., Hydro One Ltd., and TC Energy Corp.. ZWC's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Canadian Imperial Bank of Commerce.

Which ETF is more diversified: ZWU or ZWC?

ZWU holds 30 securities, while ZWC holds 40. On holdings count, ZWC is the more diversified portfolio.

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ZWU vs ZWC ETF Comparison