BMO Covered Call Canadian Banks ETF — monthly distribution history, current yield, ex-dates and payout calculator. Updated May 2026.
Informational only. Not investment advice. Always verify with the fund provider before investing.
ZWB (BMO Covered Call Canadian Banks ETF) holds Canada's six major bank stocks — TD, RBC, BMO, Scotiabank, CIBC, and National Bank — and sells covered call options on roughly 50% of the portfolio to generate extra monthly income on top of regular dividends.
It trades on the TSX as ZWB.TO and is one of Canada's most popular covered-call ETFs among retirees and income-focused investors. The covered-call strategy boosts monthly distributions but caps some upside — in a strong bank rally, ZWB may underperform ZEB (the plain bank ETF without covered calls).
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| Month | 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 |
| Feb 2026 | $0.12 | 2026-02-26 | 2026-03-03 |
| Mar 2026 | $0.12 | 2026-03-30 | 2026-04-03 |
| Apr 2026 ★ | $0.12 | 2026-04-29 | 2026-05-04 |
| May 2026 | TBA | ~Final week May | ~First week Jun |
Estimate your monthly income. Rough estimate only — not investment advice.
ZWB pays monthly distributions with an ex-date typically in the final week of each month and payment in the first week of the following month.
As of April 2026, ZWB has been paying $0.12 per unit monthly. Always verify with BMO or your brokerage before investing.
It depends on your goals. ZWB suits income-focused investors comfortable with Canadian bank concentration and covered-call trade-offs. Not suited for growth-oriented investors. Not investment advice.
Distributions may include eligible dividends, capital gains, or return of capital. In a TFSA or RRSP they are sheltered from tax. In a non-registered account each component is taxed differently. Consult a tax professional.
ZWB trades on the TSX as ZWB.TO through any Canadian brokerage. See our broker comparison for low-fee options.
Approximately 0.72% per year. Verify with BMO's official fund documents as fees can change.
ETF names and symbols belong to their respective owners. This site is independent and not affiliated with BMO or any financial institution.