BMO Covered Call Canadian Banks ETF (ZWB.TO) (TSE:ZWB) Shares Down 0.5% – Here’s Why

BMO Covered Call Canadian Banks ETF (ZWB.TO) (TSE:ZWB)’s stock price was down 0.5% during mid-day trading on Thursday. The stock traded as low as C$29.17 and last traded at C$29.65. 230,177 shares were traded during trading, an increase of 42% from the average session volume of 162,450 shares. The stock had previously closed at C$29.79.

BMO Covered Call Canadian Banks ETF (ZWB.TO) Stock Down 0.5%

The stock has a fifty day moving average price of C$30.72 and a 200-day moving average price of C$29.23.

BMO Covered Call Canadian Banks ETF (ZWB.TO) Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, August 5th. Investors of record on Wednesday, August 5th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, July 30th. This is a positive change from BMO Covered Call Canadian Banks ETF (ZWB.TO)’s previous monthly dividend of $0.15. This represents a $2.04 annualized dividend and a yield of 6.9%.

About BMO Covered Call Canadian Banks ETF (ZWB.TO)

The ETF seeks to provide exposure to the performance of a portfolio of Canadian banks to generate income and to provide long-term capital appreciation while mitigating downside risk through the use of covered call options. To achieve investment objective the ETF will primarily invest in and hold the securities of Canadian banks, ETFs, or a combination of these. Depending on market volatility and other factors, the ETF will write covered call options on these securities. Under such call options, the ETF will sell to the buyer of the option, for a premium, either a right to buy the security from the ETF at an exercise price or, if the option is cash settled, the right to a payment from the ETF equal to the difference between the value of the security and the exercise price.