Can You Invest Halal at BMO? The 2026 InvestorLine Verdict (and Why ZWB Fails Twice)
Quick Answer
BMO sells no halal fund — nothing on its 100+ ETF shelf is Shariah-screened. But BMO InvestorLine can hold the three purpose-built halal ETFs: WSHR (0.50% management fee, Canadian dollars), HLAL (0.50%), and SPUS (0.45%), at $9.95 per online trade. Skip ZWB: it fails the AAOIFI screen twice — Big Six bank equity plus covered-call option income. None of InvestorLine's commission-free ETFs pass.
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If your accounts sit at BMO and you want a Shariah-compliant portfolio without moving institutions, book a free 15-minute call with our halal investing specialist team. We map the AAOIFI screen onto your actual InvestorLine holdings and build the switch plan.
The BMO Answer in Two Sentences
As a product, halal investing does not exist at BMO — no Shariah-screened fund anywhere on the shelf, no halal filter inside InvestorLine, no published halal program in its wealth-management marketing. As an access route, it works fine: InvestorLine Self-Directed is a full brokerage at $9.95 per online trade, and it can hold every purpose-built halal ETF available to Canadians.
That two-part answer is the same one we gave for TD, RBC, and CIBC — none of the Big Six sells a halal fund, all of their brokerages can hold one. What makes BMO worth its own verdict is the shelf. BMO Global Asset Management runs one of the biggest ETF lineups in the country, InvestorLine dangles 100+ of those funds commission-free, and several of the flagships — ZWB above all — are products a Muslim investor specifically needs to be warned off. A fund that fails the screen once is a mistake. ZWB fails it twice.
What You Can Actually Buy Halal Through InvestorLine
Three purpose-built Shariah ETFs cover the practical menu for a self-directed Canadian investor, and InvestorLine can hold all of them:
| ETF | Exchange / currency | Fee | What it holds |
|---|---|---|---|
| WSHR (Wealthsimple Shariah World Equity) | Cboe Canada / CAD | 0.50% fee (0.56% MER) | Global developed-market equities, screened by a Shariah supervisory board |
| HLAL (Wahed FTSE USA Shariah) | Nasdaq / USD | 0.50% | 211 US stocks tracking the FTSE Shariah USA Index; top-10 is 54.3% of the fund |
| SPUS (SP Funds S&P 500 Shariah) | NYSE / USD | 0.45% | S&P 500 with Shariah industry exclusions applied |
Buying WSHR at InvestorLine works exactly like buying a TSX stock: enter the ticker, place the order in Canadian dollars, pay $9.95. HLAL and SPUS trade in US dollars, so BMO converts your CAD at its retail foreign-exchange spread unless you already hold USD — more on that below. For the full ranked comparison of these funds, see our best halal ETFs in Canada guide, and for what the AAOIFI screen actually tests, the halal ETF hub walks through the methodology.
One warning before the how-to: none of these three tickers is on InvestorLine's commission-free list, and nothing on that list is a substitute for them.
Why ZWB Fails the Screen Twice
ZWB — the BMO Covered Call Canadian Banks ETF — is one of the most popular income products in the country, with a posted annualized distribution yield of 5.78% paid monthly (June 30, 2026) on a 0.72% MER. It is also the cleanest example in Canada of a fund that fails Shariah screening on two independent grounds.
Fail #1: the holdings are the Big Six banks
ZWB's portfolio is the Big Six banks — Royal Bank (22.4%), TD (20.2%), Scotiabank (18.7%), Bank of Montreal (17.0%), CIBC (14.2%), and National Bank (7.5%), per the June 30, 2026 holdings. Conventional banking revenue is interest-based (riba) by definition, which fails stage one of AAOIFI Shari'ah Standard No. 21 — the business-activity screen that excludes any company earning more than 5% of revenue from conventional finance. ZWB is not a fund that happens to hold some banks. It is a fund of nothing but banks. The same stage-one verdict applies to ZEB, BMO's equal-weight version of the identical portfolio without the option overlay.
Fail #2: the yield is option-writing income
ZWB generates that 5.78% distribution by writing covered call options on its bank shares and collecting the premiums. Options are impermissible instruments in their own right: the OIC International Islamic Fiqh Academy ruled in Resolution No. 63 that for options, "the contract is not permissible, according to Shariah… neither is their trading," and AAOIFI Shari'ah Standard No. 20 bars futures and options in organized markets categorically. A covered-call fund converts part of its return into pure derivative income — so even if ZWB held nothing but compliant stocks, the strategy itself would fail the screen.
Put together: impermissible income generated on impermissible holdings. There is no purification calculation, no scholarly workaround, and no screening standard — AAOIFI, S&P/DJIM, FTSE Islamic, or MSCI Islamic — under which ZWB passes. The verdict extends to BMO's whole covered-call suite: ZWC (Canadian high dividend), ZWH (US high dividend), and ZWP (Europe) all layer option premiums on unscreened equity.
The yield trap: a 5.78% monthly-pay distribution looks like the answer to "how do I earn halal income?" It is the opposite. Option premium on bank equity is doubly non-compliant — the higher the covered-call yield, the larger the impermissible-income share. Halal income investing runs through sukuk and Shariah-screened REIT funds instead, not through covered calls.
The Commission-Free List: 100+ ETFs, Zero Pass
InvestorLine's headline perk is commission-free online trading on a list of 100+ high-volume ETFs from BMO, iShares, and Vanguard (the conditions: hold the ETF at least one business day, and no same-day buy-and-sell). For a Muslim investor the perk is worth exactly nothing — every fund on the list fails the screen, category by category:
| Commission-free examples | Category | Why it fails AAOIFI |
|---|---|---|
| ZSP, ZCN, VFV | Broad-market equity | Unscreened indexes — financials are ~30% of the TSX Composite, 11-13% of the S&P 500 |
| XEQT, VEQT | Asset-allocation | Same unscreened equity, and the balanced versions add bonds — interest-bearing by design |
| ZAG | Fixed income | Bonds are riba instruments — a categorical fail regardless of issuer |
| ZWH, ZWP | Covered-call income | Option-premium income on unscreened equity — the ZWB double fail in other wrappers |
| ZDV, XDV | Dividend equity | Canadian dividend indexes are dominated by bank and insurer shares |
One footnote worth savouring: ZWB itself is not on the free list either — InvestorLine charges you $9.95 to buy the fund that fails the screen twice. If you hold XEQT or an S&P 500 fund at BMO already, the detailed verdicts are in our XEQT ruling and the S&P 500 ruling — the short version is that no broad-market index fund passes, at 0.18% MER or any other price. Free trades on haram funds are not a discount worth taking.
The Commission Math on a Halal Build at BMO
Since the halal tickers never qualify for the $0 list, budget the standard commission: $9.95 per online trade (the Active Trader rate of $3.95 requires 150+ trades in any three consecutive months, which is not you). What that costs in practice:
- Monthly WSHR contributions: 12 buys × $9.95 = $119.40 per year.
- Quarterly contributions: 4 buys × $9.95 = $39.80 per year — the better cadence for smaller amounts, since a $9.95 commission on a $500 buy is a 2% haircut but on a $3,000 buy is 0.3%.
- The real cost driver is the fund, not the broker: WSHR's 0.56% MER costs $560 per year on a $100K portfolio. The commissions are a rounding error next to it.
Currency is the second line item. HLAL and SPUS settle in US dollars, so every CAD contribution eats BMO's retail foreign-exchange spread on the way in — InvestorLine's own disclosure puts its conversion revenue at 220 basis points (1.6%) on transactions under US$25,000. That is $160 on a US$10,000 buy, sixteen times the trading commission. For regular Canadian-dollar contributions, WSHR is the cleaner default; HLAL and SPUS suit lump sums, existing USD balances, or investors who want US-market exposure at SPUS's slightly lower 0.45% fee.
For comparison: a fully managed halal portfolio at Wealthsimple runs roughly 0.9-1.0% all-in — about $900-$1,000 per year on $100K, versus roughly $680 for the DIY WSHR build at InvestorLine including monthly commissions. The managed option buys you automatic rebalancing and published purification figures; the InvestorLine route keeps you at your bank and saves roughly $220-$320 per year. Our Wealthsimple halal review prices that trade-off in detail.
Which InvestorLine Account Should Hold What
InvestorLine offers self-directed TFSA, RRSP, FHSA, RESP, and non-registered accounts, and WSHR, HLAL, and SPUS are qualified investments for all of them. Two placement rules do the heavy lifting:
US-listed halal ETFs belong in the RRSP
The US withholds 15% of ETF distributions paid to Canadians under the Canada-US treaty — except inside an RRSP or RRIF, where the rate is 0%. In a TFSA or FHSA the 15% is withheld and gone; those accounts are not treaty-recognized. The leak is small in dollars (HLAL distributes annually at a trailing yield around 0.4-0.45%) but the rule costs nothing to follow: HLAL and SPUS in the RRSP, WSHR — Canadian-listed, no US withholding — in the TFSA and FHSA. The 2026 room: $7,000 of new TFSA space ($109,000 cumulative since 2009), an RRSP maximum of $33,810, and $8,000 per year in the FHSA. Our halal TFSA guide covers the account-by-account build.
Open cash accounts, not margin
InvestorLine will offer you a margin account at sign-up. Decline it. Margin borrowing accrues interest — riba on your own books — and it also tempts the short-selling and options strategies that fail independently. A cash account holding screened ETFs is the whole machine. The same discipline applies to the idle cash itself: leave it uninvested rather than sweeping it into interest-bearing savings or a HISA ETF, both of which generate riba.
The Bottom Line for BMO Customers
You do not need to leave BMO to invest halal — you need to ignore everything BMO's shelf is built to sell you. The bank's flagship products point in exactly the wrong direction: bank-equity funds, bond funds, and a covered-call income suite whose most popular member, ZWB, fails the AAOIFI screen on both its holdings and its strategy. The commission-free ETF list, the branch mutual funds, and the monthly-pay covered-call yields are all screen failures wearing different labels.
The compliant build is three tickers and two rules: WSHR in Canadian dollars for the TFSA and FHSA, HLAL or SPUS in the RRSP, $9.95 a trade, cash account only. That portfolio costs roughly 0.5-0.6% per year in fund fees — more than ZEQT's 0.18%, and that premium is the honest price of compliance, not a flaw in the plan. If you want the screening managed for you instead, Manzil and Wahed both run managed halal portfolios — but for a BMO customer comfortable placing four trades a year, InvestorLine already has everything you need.
Holding ZWB, ZEQT, or bank funds at BMO right now?
If you want a step-by-step plan for converting an InvestorLine account to a Shariah-compliant portfolio — including the tax math on non-registered positions, the RRSP/TFSA placement, and the purification calculation on income already received — book a free 15-minute call with our halal investing team. We do this daily.
Disclaimer: This article applies the AAOIFI Shari'ah Standard No. 21 screening methodology to publicly reported fund holdings and issuer-published fees as of July 2026. Shariah-compliance rulings involve scholarly interpretation — for a binding ruling on your specific situation, consult a qualified Islamic finance scholar. Fund holdings, fees, and distribution yields change; verify current data via Musaffa or Zoya before acting. This is not a fatwa.
Related 2026 guides
Key Takeaways
- 1BMO offers no halal ETF, no Shariah-screened mutual fund, and no compliance filter — but InvestorLine Self-Directed can hold WSHR (CAD, 0.50% fee), HLAL (USD, 0.50%), and SPUS (USD, 0.45%) at $9.95 per trade
- 2ZWB is a double fail: its holdings are the six big banks — RBC, TD, Scotiabank, BMO, CIBC, and National Bank (stage-one business-activity fail) — and its 5.78% distribution yield is built on covered-call option premiums — impermissible under OIC Resolution 63 and AAOIFI Standard 20
- 3Zero of InvestorLine's 100+ commission-free ETFs pass the screen — the list is broad-market equity (banks), bonds (riba), covered-call income, and bank-heavy dividend funds
- 4ZEQT at 0.18% MER is BMO's cheapest all-in-one and still fails — financials are ~30% of the TSX and 11-13% of the S&P 500, far beyond the 5% AAOIFI threshold
- 5Placement rule: US-listed HLAL and SPUS belong in the RRSP (0% US withholding under the treaty) — in a TFSA the 15% withholding is unrecoverable; Canadian-listed WSHR fits any account
- 6A DIY WSHR portfolio at InvestorLine runs about $560 plus roughly $120 in commissions per year on $100K — versus roughly $900-$1,000 for Wealthsimple's managed halal portfolio
Frequently Asked Questions
Q:Does BMO have a halal ETF or Shariah-compliant mutual fund?
A:No. BMO Global Asset Management runs one of the largest ETF shelves in Canada — the Z-series covers everything from ZSP (S&P 500) to ZEQT (all-equity) to an entire covered-call income suite — and not one fund on it is Shariah-screened. There is no BMO halal mutual fund at the branch level either, and no Shariah filter inside InvestorLine's screening tools. That matches the rest of the Big Six: no Canadian big bank sells a halal fund as of mid-2026. What BMO does offer is access. InvestorLine Self-Directed is a full brokerage, and a brokerage account can hold any listed security — including the purpose-built halal ETFs that pass the AAOIFI screen: WSHR in Canadian dollars, HLAL and SPUS in US dollars.
Q:Can I buy WSHR through BMO InvestorLine?
A:Yes. WSHR — the Wealthsimple Shariah World Equity Index ETF, managed by Mackenzie Investments — trades on Cboe Canada (formerly NEO), a regulated Canadian exchange that InvestorLine routes orders to the same way it routes TSX orders. You buy it in Canadian dollars: type the ticker, place the order, pay the standard $9.95 online commission. No US-dollar account, no currency conversion, no special permission. WSHR carries a 0.50% management fee (0.56% MER all-in) and is screened by a Shariah supervisory board, which makes it the simplest single-ticket halal equity holding you can own inside a BMO account. It will not appear on InvestorLine's commission-free ETF list — that list only covers BMO, iShares, and Vanguard funds — so budget the $9.95 per buy.
Q:Is ZWB halal?
A:No — ZWB fails the Shariah screen twice, which makes it one of the clearest non-compliant products on BMO's shelf. First, the underlying holdings: ZWB is the BMO Covered Call Canadian Banks ETF, and its portfolio is the Big Six banks — Royal Bank, TD, Scotiabank, BMO itself, CIBC, and National Bank — conventional banks whose core revenue is interest-based lending, categorically excluded at stage one of the AAOIFI business-activity screen. Second, the strategy: ZWB writes covered call options on those bank shares to generate its monthly distribution. Options contracts are ruled impermissible by the OIC International Islamic Fiqh Academy (Resolution No. 63) and AAOIFI Shari'ah Standard No. 20 — the option premium itself is non-compliant income regardless of what it is written on. Bank equity plus option-writing income is a double fail. The posted 5.78% annualized distribution yield (June 30, 2026) and 0.72% MER do not change the verdict; it is impermissible income layered on impermissible holdings.
Q:Are any of BMO InvestorLine's commission-free ETFs halal?
A:No — zero of them pass. InvestorLine offers commission-free online trading on a list of 100+ ETFs from BMO, iShares, and Vanguard (conditions: hold the ETF at least one business day, no same-day round trips). The list is built from Canada's highest-volume broad-market funds, and every category on it fails Shariah screening: the equity funds (ZSP, ZCN, VFV, XEQT, VEQT) hold conventional banks and insurers; the fixed-income section (led by ZAG) is interest-bearing bonds — riba by definition; the covered-call funds (ZWH, ZWP) add impermissible option income; and the dividend funds (ZDV, XDV) are heavily weighted to bank shares. Free trading on a non-compliant fund is not a benefit for a Muslim investor. The halal tickers — WSHR, HLAL, SPUS — all cost the standard $9.95 commission at BMO.
Q:Is ZEQT halal? It looks like a cheap all-in-one solution.
A:No. ZEQT — the BMO All-Equity ETF, at a 0.15% management fee and 0.18% MER — is BMO's answer to XEQT and VEQT, and it fails the AAOIFI screen for the same structural reason they do: it holds the broad Canadian, US, and international markets without any Shariah filter. Financials are roughly 30% of the TSX Composite and 11-13% of the S&P 500, so conventional banks and insurers sit near the top of ZEQT's portfolio by weight — far beyond the 5% impermissible-revenue threshold. The cheap MER is real, but 0.18% on a non-compliant fund is not a bargain for a Muslim investor. The same verdict applies to ZGRO, ZBAL, and ZCON, which add bonds on top of the unscreened equity.
Q:Should I hold HLAL and SPUS in my BMO RRSP or TFSA?
A:RRSP first, for the withholding tax. HLAL and SPUS are US-listed, and the US applies a 15% treaty withholding tax on distributions paid to Canadians — except inside an RRSP or RRIF, where the treaty rate drops to 0%. In a TFSA, FHSA, or RESP the 15% is withheld and unrecoverable, because those accounts are not treaty-recognized retirement plans. The dollar impact is modest — HLAL distributes annually with a trailing yield around 0.4-0.45%, so the leak is a few basis points — but the placement rule costs nothing to follow: US-listed halal ETFs (HLAL, SPUS) in the RRSP, Canadian-listed WSHR in the TFSA and FHSA. WSHR pays its distributions from a Canadian-listed fund, so no US withholding applies to it in any account.
Q:Does BMO offer halal portfolio management through an advisor?
A:BMO publishes no Shariah-screened portfolio program in its retail, adviceDirect, or private wealth marketing as of mid-2026 — unlike RBC Dominion Securities and CIBC Wood Gundy, where named advisor teams run halal-screened discretionary portfolios. That does not mean no BMO Nesbitt Burns advisor will build one for you on request, but there is no advertised program to ask for. If you want managed halal money and you bank at BMO, the practical routes are: run a self-directed WSHR/HLAL/SPUS portfolio inside InvestorLine, use Wealthsimple's managed halal portfolio (roughly 0.9-1.0% all-in), or ask the wealth-management arms of the banks that do publish halal teams.
Q:Is it halal to keep my chequing account and mortgage at BMO?
A:The chequing account, yes — the mortgage is the harder problem. Most scholars accept transacting through a conventional bank as permissible out of necessity: Canada has no full-service Islamic bank, and a chequing account, debit card, or bill payment generates no interest income for you. The lines that matter are earning or paying riba: no interest-bearing savings or GICs (donate any interest already credited), no carried credit-card balances, no margin accounts, and no bank shares — including through funds like ZWB or ZEB. A conventional BMO mortgage is interest-based debt; the compliant alternatives in Canada are murabaha and musharaka providers like EQRAZ and Manzil, which finance owner-occupied homes (Manzil requires a minimum 20% down). Banking at BMO is a utility. Profiting from BMO — through its shares, its GICs, or its covered-call ETFs — is what fails the screen.
Question: Does BMO have a halal ETF or Shariah-compliant mutual fund?
Answer: No. BMO Global Asset Management runs one of the largest ETF shelves in Canada — the Z-series covers everything from ZSP (S&P 500) to ZEQT (all-equity) to an entire covered-call income suite — and not one fund on it is Shariah-screened. There is no BMO halal mutual fund at the branch level either, and no Shariah filter inside InvestorLine's screening tools. That matches the rest of the Big Six: no Canadian big bank sells a halal fund as of mid-2026. What BMO does offer is access. InvestorLine Self-Directed is a full brokerage, and a brokerage account can hold any listed security — including the purpose-built halal ETFs that pass the AAOIFI screen: WSHR in Canadian dollars, HLAL and SPUS in US dollars.
Question: Can I buy WSHR through BMO InvestorLine?
Answer: Yes. WSHR — the Wealthsimple Shariah World Equity Index ETF, managed by Mackenzie Investments — trades on Cboe Canada (formerly NEO), a regulated Canadian exchange that InvestorLine routes orders to the same way it routes TSX orders. You buy it in Canadian dollars: type the ticker, place the order, pay the standard $9.95 online commission. No US-dollar account, no currency conversion, no special permission. WSHR carries a 0.50% management fee (0.56% MER all-in) and is screened by a Shariah supervisory board, which makes it the simplest single-ticket halal equity holding you can own inside a BMO account. It will not appear on InvestorLine's commission-free ETF list — that list only covers BMO, iShares, and Vanguard funds — so budget the $9.95 per buy.
Question: Is ZWB halal?
Answer: No — ZWB fails the Shariah screen twice, which makes it one of the clearest non-compliant products on BMO's shelf. First, the underlying holdings: ZWB is the BMO Covered Call Canadian Banks ETF, and its portfolio is the Big Six banks — Royal Bank, TD, Scotiabank, BMO itself, CIBC, and National Bank — conventional banks whose core revenue is interest-based lending, categorically excluded at stage one of the AAOIFI business-activity screen. Second, the strategy: ZWB writes covered call options on those bank shares to generate its monthly distribution. Options contracts are ruled impermissible by the OIC International Islamic Fiqh Academy (Resolution No. 63) and AAOIFI Shari'ah Standard No. 20 — the option premium itself is non-compliant income regardless of what it is written on. Bank equity plus option-writing income is a double fail. The posted 5.78% annualized distribution yield (June 30, 2026) and 0.72% MER do not change the verdict; it is impermissible income layered on impermissible holdings.
Question: Are any of BMO InvestorLine's commission-free ETFs halal?
Answer: No — zero of them pass. InvestorLine offers commission-free online trading on a list of 100+ ETFs from BMO, iShares, and Vanguard (conditions: hold the ETF at least one business day, no same-day round trips). The list is built from Canada's highest-volume broad-market funds, and every category on it fails Shariah screening: the equity funds (ZSP, ZCN, VFV, XEQT, VEQT) hold conventional banks and insurers; the fixed-income section (led by ZAG) is interest-bearing bonds — riba by definition; the covered-call funds (ZWH, ZWP) add impermissible option income; and the dividend funds (ZDV, XDV) are heavily weighted to bank shares. Free trading on a non-compliant fund is not a benefit for a Muslim investor. The halal tickers — WSHR, HLAL, SPUS — all cost the standard $9.95 commission at BMO.
Question: Is ZEQT halal? It looks like a cheap all-in-one solution.
Answer: No. ZEQT — the BMO All-Equity ETF, at a 0.15% management fee and 0.18% MER — is BMO's answer to XEQT and VEQT, and it fails the AAOIFI screen for the same structural reason they do: it holds the broad Canadian, US, and international markets without any Shariah filter. Financials are roughly 30% of the TSX Composite and 11-13% of the S&P 500, so conventional banks and insurers sit near the top of ZEQT's portfolio by weight — far beyond the 5% impermissible-revenue threshold. The cheap MER is real, but 0.18% on a non-compliant fund is not a bargain for a Muslim investor. The same verdict applies to ZGRO, ZBAL, and ZCON, which add bonds on top of the unscreened equity.
Question: Should I hold HLAL and SPUS in my BMO RRSP or TFSA?
Answer: RRSP first, for the withholding tax. HLAL and SPUS are US-listed, and the US applies a 15% treaty withholding tax on distributions paid to Canadians — except inside an RRSP or RRIF, where the treaty rate drops to 0%. In a TFSA, FHSA, or RESP the 15% is withheld and unrecoverable, because those accounts are not treaty-recognized retirement plans. The dollar impact is modest — HLAL distributes annually with a trailing yield around 0.4-0.45%, so the leak is a few basis points — but the placement rule costs nothing to follow: US-listed halal ETFs (HLAL, SPUS) in the RRSP, Canadian-listed WSHR in the TFSA and FHSA. WSHR pays its distributions from a Canadian-listed fund, so no US withholding applies to it in any account.
Question: Does BMO offer halal portfolio management through an advisor?
Answer: BMO publishes no Shariah-screened portfolio program in its retail, adviceDirect, or private wealth marketing as of mid-2026 — unlike RBC Dominion Securities and CIBC Wood Gundy, where named advisor teams run halal-screened discretionary portfolios. That does not mean no BMO Nesbitt Burns advisor will build one for you on request, but there is no advertised program to ask for. If you want managed halal money and you bank at BMO, the practical routes are: run a self-directed WSHR/HLAL/SPUS portfolio inside InvestorLine, use Wealthsimple's managed halal portfolio (roughly 0.9-1.0% all-in), or ask the wealth-management arms of the banks that do publish halal teams.
Question: Is it halal to keep my chequing account and mortgage at BMO?
Answer: The chequing account, yes — the mortgage is the harder problem. Most scholars accept transacting through a conventional bank as permissible out of necessity: Canada has no full-service Islamic bank, and a chequing account, debit card, or bill payment generates no interest income for you. The lines that matter are earning or paying riba: no interest-bearing savings or GICs (donate any interest already credited), no carried credit-card balances, no margin accounts, and no bank shares — including through funds like ZWB or ZEB. A conventional BMO mortgage is interest-based debt; the compliant alternatives in Canada are murabaha and musharaka providers like EQRAZ and Manzil, which finance owner-occupied homes (Manzil requires a minimum 20% down). Banking at BMO is a utility. Profiting from BMO — through its shares, its GICs, or its covered-call ETFs — is what fails the screen.
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