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  5. ZEB: Recently retired and looking for a way to play banks and income. [BMO Equal Weight Banks Index ETF]
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Q: Recently retired and looking for a way to play banks and income. Your thoughts on HCAL and ZEB. Is HCAL worth the extra MER?
Thanks
Asked by Dale on November 06, 2025
5i Research Answer:

HCAL has a 5-year annualized return of 23.42%, so it has earned its keep and the MER is likely justified. Note it does use leverage (25%). We are comfortable with the ETF if investors understand leverage works both ways. ZEB five year is 20.85%. For bank exposiure we would be fully comfortable with it. 

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