BMO Europe High Dividend Covered Call Hedged…

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BMO Europe High Dividend Covered Call Hedged to CAD ET (ZWE.TO)

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21.86

-0.01 (0.05%)

as of Jun 19, 2026, 7:59:29 pm Market Open.

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Exposure to the best dividend paying stocks in Europe with a covered call overlay. He hands down prefers these strategies and moves back and forth between currency hedge (ZWE-T) and not (ZWP-T). He has not bought any new exposure in these for the last year because of the market risk.

COMMENT

Europe will probably trend higher. It's cheap, and Europe has outperformed NA. The central bank is being aggressive with lowering rates. European banks are different than American banks though and lend too much at a low rate. In the long term, he doesn't find Europe as exciting as North America.

PARTIAL BUY

ZWE vs. ZWP One is hedged and the other is not. So, the solution is to buy each, 50/50. Check his top picks today, too.

BUY

He continues to love this as the best way to play Europe. If you are playing BREXIT this is not the ideal way to play it. You want EWUS for that. ZWP-T is not his preferred way to play Europe.

COMMENT

He likes Europe a lot, dominated by stable companies like Nestle, HSBC and big pharma. Euro dividends are often much higher than here. He's not a fan of covered calls, but this is okay, but don't expect much growth from this ETF.

DON'T BUY

Europe is in recession already with many countries there in negative interest rates. ZWE is an excellent product, but now is not a good time to get into Europe. He's not talking only about Brexit, but all of Europe. At least the covered call makes you some money as Europe will go sideways, as he predicts.

WATCH

Great high dividend companies in Europe. He has been swapping ZWE-T into ZWP-T to get exposure to the Euro. He thinks the distribution is done after the withholding tax is deducted. Consult a tax advisor. He loves ZWE-T.

BUY

Dividend ETFs with a monthly dividend, covered calls and a high yield. They give you great exposure to great companies.

DON'T BUY

He's backed away from European investments because of the threat of a trade war there. Inclined to focus on Canadian utilities or ZWU for the US.

BUY

ZWU or ZWE Both are good defensive strategies. ZWE: He's not that bullish on Europe, but at least you get income from writing the covered calls here. ZWU: Utilities are much less volatile and more stable, yet expose you to Europe. If you belive in Europe and playing defence, then both ETFs are fine. These two ETFs are highly correlated, rising and falling together. Note that utilities are risk-off, not for you if you have long-term bullish.

HOLD

It yields around 7%. This requires a call on Europe. It has been recovering reasonably well since the new year. Germany has rebounded well, but there are some auto tariff uncertainties. Technically, it has been showing some support. As long as a recession is not forthcoming, it could be a good yield play.

BUY

He likes it. It over-weights the high dividend players. What is going on in Europe is astronomical right now.

SELL

ZWE-T vs. ZWP-T. He sold most of his ZWE-T to purchase ZWP-T, which is the same thing except he gets more exposure to the British pound and Euro. He prefers that exposure as we get close to the end of BREXIT. He is vastly underweight Europe generally.

PAST TOP PICK

(A Top Pick Feb 09/18, Up 5%) Sold off most of its position, because of Europe. Riots in Paris. Italy is bordering on its debt problems.

COMMENT

ZWE vs. ZWP Both are similar, the difference being the CAD currency hedge in ZWE. Also keep in mind that there's a covered call overlay on these ETFs. IF you need a lot of yield, certainly both are valid. He thinks the CAD-Euro will be neutral for a while. Perhaps buy a mix of the two.

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BMO Europe High Dividend Covered Call Hedged to CAD ET (ZWE.TO)