Project how a ZWC.TO position could grow through monthly distributions and reinvestment. Already pre-loaded with ZWC.TO's current distribution rate and a sample $10,000 balance — edit the numbers below with your own.
$18,689.33 after 10 years
Monthly income by then: $97.14/mo
The green line is your balance — how big the whole position has grown. The yellow line is the running total of cash payouts you've actually received. On this chart, expect both lines to climb — since ZWC.TO is a growth & income blend, part of its story is rising cash payouts (yellow), part is the balance itself growing (green).
| Date | Balance | Payout | Payouts so far |
|---|---|---|---|
| 2026-10-19 | $10,052.25 | $52.25 | $52.25 |
| 2026-11-19 | $10,104.77 | $52.52 | $104.77 |
| 2026-12-19 | $10,157.57 | $52.80 | $157.57 |
| 2027-01-19 | $10,210.64 | $53.07 | $210.64 |
| 2027-02-18 | $10,263.99 | $53.35 | $263.99 |
| 2027-03-21 | $10,317.62 | $53.63 | $317.62 |
| 2027-04-20 | $10,371.53 | $53.91 | $371.53 |
| 2027-05-21 | $10,425.72 | $54.19 | $425.72 |
| 2027-06-20 | $10,480.20 | $54.47 | $480.20 |
| 2027-07-20 | $10,534.96 | $54.76 | $534.96 |
| 2027-08-20 | $10,590.00 | $55.05 | $590.00 |
| 2027-09-19 | $10,645.34 | $55.33 | $645.34 |
| 2027-10-20 | $10,700.96 | $55.62 | $700.96 |
| 2027-11-19 | $10,756.87 | $55.91 | $756.87 |
| 2027-12-20 | $10,813.07 | $56.20 | $813.07 |
| 2028-01-19 | $10,869.57 | $56.50 | $869.57 |
| 2028-02-18 | $10,926.37 | $56.79 | $926.37 |
| 2028-03-20 | $10,983.46 | $57.09 | $983.46 |
| 2028-04-19 | $11,040.85 | $57.39 | $1,040.85 |
| 2028-05-20 | $11,098.53 | $57.69 | $1,098.53 |
| 2028-06-19 | $11,156.52 | $57.99 | $1,156.52 |
| 2028-07-20 | $11,214.82 | $58.29 | $1,214.82 |
| 2028-08-19 | $11,273.41 | $58.60 | $1,273.41 |
| 2028-09-19 | $11,332.32 | $58.90 | $1,332.32 |
| 2028-10-19 | $11,391.53 | $59.21 | $1,391.53 |
| 2028-11-18 | $11,451.05 | $59.52 | $1,451.05 |
| 2028-12-19 | $11,510.88 | $59.83 | $1,510.88 |
| 2029-01-18 | $11,571.03 | $60.14 | $1,571.03 |
| 2029-02-18 | $11,631.48 | $60.46 | $1,631.48 |
| 2029-03-20 | $11,692.26 | $60.77 | $1,692.26 |
| 2029-04-20 | $11,753.35 | $61.09 | $1,753.35 |
| 2029-05-20 | $11,814.76 | $61.41 | $1,814.76 |
| 2029-06-19 | $11,876.49 | $61.73 | $1,876.49 |
| 2029-07-20 | $11,938.55 | $62.05 | $1,938.55 |
| 2029-08-19 | $12,000.93 | $62.38 | $2,000.93 |
| 2029-09-19 | $12,063.63 | $62.70 | $2,063.63 |
| 2029-10-19 | $12,126.67 | $63.03 | $2,126.67 |
| 2029-11-19 | $12,190.03 | $63.36 | $2,190.03 |
| 2029-12-19 | $12,253.72 | $63.69 | $2,253.72 |
| 2030-01-19 | $12,317.75 | $64.03 | $2,317.75 |
| 2030-02-18 | $12,382.11 | $64.36 | $2,382.11 |
| 2030-03-20 | $12,446.80 | $64.70 | $2,446.80 |
| 2030-04-20 | $12,511.84 | $65.03 | $2,511.84 |
| 2030-05-20 | $12,577.21 | $65.37 | $2,577.21 |
| 2030-06-20 | $12,642.93 | $65.72 | $2,642.93 |
| 2030-07-20 | $12,708.99 | $66.06 | $2,708.99 |
| 2030-08-20 | $12,775.39 | $66.40 | $2,775.39 |
| 2030-09-19 | $12,842.14 | $66.75 | $2,842.14 |
| 2030-10-19 | $12,909.24 | $67.10 | $2,909.24 |
| 2030-11-19 | $12,976.69 | $67.45 | $2,976.69 |
| 2030-12-19 | $13,044.50 | $67.80 | $3,044.50 |
| 2031-01-19 | $13,112.65 | $68.16 | $3,112.65 |
| 2031-02-18 | $13,181.17 | $68.51 | $3,181.17 |
| 2031-03-21 | $13,250.04 | $68.87 | $3,250.04 |
| 2031-04-20 | $13,319.27 | $69.23 | $3,319.27 |
| 2031-05-21 | $13,388.86 | $69.59 | $3,388.86 |
| 2031-06-20 | $13,458.82 | $69.96 | $3,458.82 |
| 2031-07-20 | $13,529.14 | $70.32 | $3,529.14 |
| 2031-08-20 | $13,599.83 | $70.69 | $3,599.83 |
| 2031-09-19 | $13,670.89 | $71.06 | $3,670.89 |
| 2031-10-20 | $13,742.32 | $71.43 | $3,742.32 |
| 2031-11-19 | $13,814.13 | $71.80 | $3,814.13 |
| 2031-12-20 | $13,886.31 | $72.18 | $3,886.31 |
| 2032-01-19 | $13,958.86 | $72.56 | $3,958.86 |
| 2032-02-18 | $14,031.80 | $72.94 | $4,031.80 |
| 2032-03-20 | $14,105.11 | $73.32 | $4,105.11 |
| 2032-04-19 | $14,178.81 | $73.70 | $4,178.81 |
| 2032-05-20 | $14,252.90 | $74.08 | $4,252.90 |
| 2032-06-19 | $14,327.37 | $74.47 | $4,327.37 |
| 2032-07-20 | $14,402.23 | $74.86 | $4,402.23 |
| 2032-08-19 | $14,477.48 | $75.25 | $4,477.48 |
| 2032-09-19 | $14,553.12 | $75.64 | $4,553.12 |
| 2032-10-19 | $14,629.16 | $76.04 | $4,629.16 |
| 2032-11-18 | $14,705.60 | $76.44 | $4,705.60 |
| 2032-12-19 | $14,782.44 | $76.84 | $4,782.44 |
| 2033-01-18 | $14,859.68 | $77.24 | $4,859.68 |
| 2033-02-18 | $14,937.32 | $77.64 | $4,937.32 |
| 2033-03-20 | $15,015.37 | $78.05 | $5,015.37 |
| 2033-04-20 | $15,093.82 | $78.46 | $5,093.82 |
| 2033-05-20 | $15,172.69 | $78.87 | $5,172.69 |
| 2033-06-19 | $15,251.96 | $79.28 | $5,251.96 |
| 2033-07-20 | $15,331.66 | $79.69 | $5,331.66 |
| 2033-08-19 | $15,411.76 | $80.11 | $5,411.76 |
| 2033-09-19 | $15,492.29 | $80.53 | $5,492.29 |
| 2033-10-19 | $15,573.24 | $80.95 | $5,573.24 |
| 2033-11-19 | $15,654.61 | $81.37 | $5,654.61 |
| 2033-12-19 | $15,736.40 | $81.80 | $5,736.40 |
| 2034-01-19 | $15,818.62 | $82.22 | $5,818.62 |
| 2034-02-18 | $15,901.28 | $82.65 | $5,901.28 |
| 2034-03-20 | $15,984.36 | $83.08 | $5,984.36 |
| 2034-04-20 | $16,067.88 | $83.52 | $6,067.88 |
| 2034-05-20 | $16,151.83 | $83.95 | $6,151.83 |
| 2034-06-20 | $16,236.23 | $84.39 | $6,236.23 |
| 2034-07-20 | $16,321.06 | $84.83 | $6,321.06 |
| 2034-08-20 | $16,406.34 | $85.28 | $6,406.34 |
| 2034-09-19 | $16,492.06 | $85.72 | $6,492.06 |
| 2034-10-19 | $16,578.23 | $86.17 | $6,578.23 |
| 2034-11-19 | $16,664.85 | $86.62 | $6,664.85 |
| 2034-12-19 | $16,751.93 | $87.07 | $6,751.93 |
| 2035-01-19 | $16,839.46 | $87.53 | $6,839.46 |
| 2035-02-18 | $16,927.44 | $87.99 | $6,927.44 |
| 2035-03-21 | $17,015.89 | $88.45 | $7,015.89 |
| 2035-04-20 | $17,104.80 | $88.91 | $7,104.80 |
| 2035-05-21 | $17,194.17 | $89.37 | $7,194.17 |
| 2035-06-20 | $17,284.01 | $89.84 | $7,284.01 |
| 2035-07-20 | $17,374.32 | $90.31 | $7,374.32 |
| 2035-08-20 | $17,465.10 | $90.78 | $7,465.10 |
| 2035-09-19 | $17,556.35 | $91.26 | $7,556.35 |
| 2035-10-20 | $17,648.09 | $91.73 | $7,648.09 |
| 2035-11-19 | $17,740.30 | $92.21 | $7,740.30 |
| 2035-12-20 | $17,832.99 | $92.69 | $7,832.99 |
| 2036-01-19 | $17,926.17 | $93.18 | $7,926.17 |
| 2036-02-18 | $18,019.83 | $93.66 | $8,019.83 |
| 2036-03-20 | $18,113.99 | $94.15 | $8,113.99 |
| 2036-04-19 | $18,208.63 | $94.65 | $8,208.63 |
| 2036-05-20 | $18,303.77 | $95.14 | $8,303.77 |
| 2036-06-19 | $18,399.41 | $95.64 | $8,399.41 |
| 2036-07-20 | $18,495.55 | $96.14 | $8,495.55 |
| 2036-08-19 | $18,592.19 | $96.64 | $8,592.19 |
| 2036-09-19 | $18,689.33 | $97.14 | $8,689.33 |
BMO CA High Dividend Covered Call ETF, launched February 2, 2017.
ZWC.TO — BMO Canadian High Dividend Covered Call ETF
ZWC holds a broad basket of roughly 70 dividend-paying Canadian companies — no leverage, no borrowed money — and boosts the monthly payout using "covered calls," which means selling away some of the stock-price upside in exchange for extra cash coming in regularly. BMO's version doesn't write calls on the whole portfolio at once; it's done selectively across the book, which is part of why this lands as a medium rather than aggressive covered-call strategy. It's meaningfully more diversified than a bank-only or single-sector fund — the top 10 holdings add up to around 47%, spread across financials (about 41-43%), energy (about 21-23%), and smaller slices of materials, utilities, and industrials.
On fees: the MER is 0.72% — noticeably higher than a plain index-tracking dividend fund like XEI or XDIV, which makes sense given the active options-writing layer requires ongoing management, but it's a real cost to factor in against the extra yield.
It pays monthly, currently around $0.12/unit, working out to a yield above 6% at today's price (around $22.75). Recent performance has been strong — up nearly 30% over the past year — but that follows a very good stretch for Canadian financials and energy generally, and covered-call funds like this one are built to lag in a sharp rally (since gains above the strike price get capped) while cushioning the fall in a flat or down market. Since launching in February 2017, BMO's own numbers show it's compounded at roughly 8.6% a year as of mid-2026 — solid, though notably below what a plain uncapped dividend index fund has returned over a similar stretch, which is the trade-off covered-call strategies make: less upside, smoother ride. Its own official document also shows real down years: 3 of the last 7 calendar years were negative, and the worst 3-month stretch (ending March 2020) would have taken a $1,000 investment down to $765.
Not sure how a fund like this generates its payout? See Covered-Call ETFs Explained.
What's the actual risk rating?
BMO's own ETF Facts document rates ZWC "Medium" risk. That lines up with how it's actually followed — analysts tracked on Stockchase have leaned positive (5 buy calls to 1 sell over the past year), generally describing it as a reasonable income option for a diversified, moderately conservative sleeve of a portfolio, with the honest caveat that the call-writing strategy caps how much it can participate in a strong market rally. No leverage and no aggressive full-portfolio option coverage here, so there isn't a hidden structural risk the official label is missing — the real trade-off is simply capped upside in exchange for a smoother ride and a higher monthly payout.
Plain-English bottom line: A diversified, moderately-covered dividend fund that trades some rally upside for a higher, steadier monthly income — the "Medium" rating fits, with a real, if smaller, chance of down years along the way.
A high yield alone doesn't say whether a fund's price is holding up or quietly being eaten away to help fund the payout — this looks at that separately, using the fund's real price history, not a prediction. Declining doesn't mean the fund is a bad choice; some funds are built to pay out more than they grow, on purpose. It just means part of what you're receiving may be a return of your own money rather than new income.
Est. +2.3%/yr price growth since inception (SI total return 8.62%/yr annualized over ~9.5 yrs since Feb 2017 vs. current yield ~6.32%); sits right at the growing/flat boundary
This page is for informational and educational purposes only and does not constitute financial advice. It does not account for taxes, fees, or changes in distribution rates, and past distributions are not a guarantee of future payments. Consult a qualified financial advisor before making investment decisions.
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