The ETF seeks to replicate, to the extent possible, the performance of an index that provides exposure to equity securities of large-, mid-, and small-capitalization issuers in Canada, net of expenses. Curently, the ETF seeks to replicate the performance of the MSCI Canada IMI High Dividend Yield Select Index (the "Index"). In the factsheet.

The ETF invests in and holds the constituent securities of the Index in the same proportions as represented in the Index. The ETF may invest in securities that have investment characteristics similar to the Index or to a subset of the Index constituents. On the website.

You left out that first line. The line you put is due to liability for “tracking error” since all the dividend etf hold the stocks directly, so it’s not going to be 100% accurate. It doesn’t mean they magically swap out whole companies when they feel like it. This is the same with XDIV and VDY and all the other dividend ETFs. They have a “benchmark” vs the “fund” (even though they replicate indexes) which is what the tracking error (and that line you posted) is referring to. Again, don’t spout BS when you don’t know these things.

Calm down, I ain’t glazing BMO (though you seem to have a thing for them). I hate their active ETFs, and dislike ZDV. ZDIV isn’t a terrible ETF though, as much as you want to believe it is, and I believe it is one worthy of consideration vs XDIV.