BMO Covered Call Canadian Banks ETF — monthly distribution history, current yield, ex-dates and payout calculator. Updated June 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 | 2026-04-02 |
| Apr 2026 | $0.12 | 2026-04-29 | 2026-05-04 |
| May 2026 | $0.15 | 2026-05-28 | 2026-06-02 |
| Jun 2026 ★ | $0.15 | 2026-06-26 | 2026-07-03 |
| Jul 2026 | TBA | ~Jul 30 | ~Aug 5 |
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Estimate only — not investment advice.
| Feature | ZWB | ZEB | ZWC |
|---|---|---|---|
| Covered calls? | Yes (~50%) | No | Yes |
| Approx. yield (2026) | ~5.9% | ~2.3% | ~5.4% |
| Upside participation | Partially capped | Full | Partially capped |
| MER (approx.) | ~0.72% | ~0.28% | ~0.72% |
ZWB pays monthly distributions. The ex-dividend date is typically in the final week of each month, with payment in the first week of the following month.
Approximately 0.72% per year. Verify with BMO's official fund documents as fees can change.
ZWB trades on TSX as ZWB.TO through any Canadian brokerage. See our broker comparison for low-fee options.
Yes — all monthly distributions in a TFSA are completely tax-free. ZWB in a TFSA is a popular income strategy for Canadian investors.
ETF names and symbols belong to their respective owners. Independent — not affiliated with BMO. Data verified monthly from official fund provider sources.