What is ZWB?
ZWB (BMO Covered Call Canadian Banks ETF) is an income-focused ETF that holds major Canadian bank stocks and sells covered call options on part of the portfolio. That combination is meant to produce regular monthly cash distributions for investors who prefer income over maximum upside.
In simple terms, ZWB is designed for people who want bank exposure plus a covered-call strategy in one ETF, without having to manage options themselves.
Who should consider ZWB?
ZWB may appeal to investors who are building a monthly income stream, want exposure to large Canadian banks, and are comfortable with the trade-off that covered calls can limit gains when markets rise sharply.
It is usually a better fit for income-focused investors than for people whose main goal is maximum long-term growth.
Risks to consider
ZWB is not a guaranteed-income product. Distributions can vary, the fund is concentrated in one sector, and covered calls can reduce upside participation in strong bull markets.
Investors should review the ETF’s official documents, understand how covered calls work, and decide whether the income trade-off matches their own goals and risk tolerance.
Live Price (ZWB.TO)
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Current Yield (How It’s Calculated)
Brokers typically show a trailing 12-month yield: the sum of the last 12 monthly payouts divided by the current price. Because ZWB uses covered calls, those payouts can vary month-to-month.
Next Ex-Dividend Date
ZWB typically goes ex-dividend in the final week of each month and pays in the first week of the following month. Check your brokerage or BMO’s announcement for the exact date each month.
Dividend History (Recent)
| Month (2025) | Distribution/Unit | Ex-Date | Pay Date |
|---|---|---|---|
| Jan 2025 | $0.11 | 2025-01-30 | 2025-02-04 |
| Feb 2025 | $0.11 | 2025-02-27 | 2025-03-04 |
| Mar 2025 | $0.11 | 2025-03-28 | 2025-04-02 |
| Apr 2025 | $0.11 | 2025-04-29 | 2025-05-02 |
| May 2025 | $0.11 | 2025-05-29 | 2025-06-03 |
| Jun 2025 | $0.11 | 2025-06-27 | 2025-07-03 |
| Jul 2025 | $0.11 | 2025-07-30 | 2025-08-05 |
| Aug 2025 | $0.11 | 2025-08-28 | 2025-09-03 |
| Sep 2025 | $0.11 | 2025-09-29 | 2025-10-02 |
| Oct 2025 | $0.12 | 2025-10-30 | 2025-11-04 |
| Nov 2025 | $0.12 | 2025-11-26 | 2025-12-02 |
| Dec 2025 | $0.12 | 2025-12-30 | 2026-01-05 |
| Jan 2026 | $0.12 | 2026-01-29 | 2026-02-03 |
February 2026 (estimate): February’s distribution has not been announced yet. Based on recent months, a reasonable estimate is $0.11–$0.12 per unit. Actual amounts can vary month-to-month and are confirmed by the issuer.
Last updated: February 2, 2026.
In the last 12 months (Jan–Dec 2025), ZWB paid about $1.35 per unit in cash distributions (sum of the monthly amounts shown above). Your trailing 12‑month yield depends on the current unit price, so it will move up or down over time. Always verify distribution amounts and dates with BMO’s official announcements or your brokerage before making decisions.
ZWB Payout Calculator
Estimate monthly cash flow using an adjustable yield. This is a rough estimate, not advice.
ZWB vs ZWC vs ZEB
ZWB - BMO Covered Call Canadian Banks
- Canadian bank equities + covered call overlay
- Monthly distributions; payout varies
- Higher income potential; bank sector concentration
ZWC - BMO Covered Call Canadian High Dividend
- Broader Canadian high-dividend equities + covered calls
- Monthly distributions; more diversified than ZWB
- Income focus with wider sector mix
ZEB - BMO Equal Weight Banks (no covered calls)
- Traditional Canadian bank ETF, equal-weighted
- Quarterly distributions typical; more growth participation
- Lower income than call-overwriting funds in some markets
Read more: ZWB vs ZWC detailed comparison
FAQ
Is ZWB safe?
No investment is “safe.” ZWB concentrates in banks and uses covered calls, which can cap upside. Consider risk tolerance and goals. Not advice.
How are ZWB dividends taxed?
Tax treatment depends on account type and distributions (eligible dividends, capital gains, return of capital). Speak to a tax professional.
Where do I buy ZWB?
At Canadian brokerages. Use the contact button above or below for next steps.
ETF names and symbols belong to their respective owners. This site is independent and not affiliated with BMO.