BMO ETFs: Views from the Desk

For Canadian investors eyeing opportunities abroad, the question isn't just where — it's how. In this episode, Hilly Cutler joins host Saakshi Mehta to unpack international equities, covering the hedged versus unhedged debate, the regions and trends worth watching, and key trading practices for foreign market ETFs.Saakshi Mehta is Vice President of ETF & Alternatives Strategy at BMO Global Asset Management (BMO GAM). She is joined by Hilly Cutler, Director, Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. This episode was recorded live on Wednesday, February 25, 2026.ETFs mentioned:· BMO Asset Allocation ETFs· BMO All-Equity ETF (Ticker: ZEQT) · BMO MSCI EAFE Index ETF (Ticker: ZEA) · BMO MSCI EAFE Hedged to CAD Index ETF (Ticker: ZDM)· BMO MSCI EAFE Small-Mid Cap Index ETF (Ticker: ZESM)· BMO International Dividend ETF (Ticker: ZDI)· BMO Low Volatility International Equity ETF (Ticker: ZLI)· BMO MSCI All Country World High Quality Index ETF (Ticker: ZGQ)· BMO MSCI Europe High Quality Hedged to CAD Index ETF (Ticker: ZEQ) Sources:ETF Flows, according to the National Bank Report, December 2025Press Release - February 6, 2026 - BMO Launches New ETF Index Strategies EAFE: Developed markets in Europe, Australasia, and the Far East.Emerging markets: Major economies and many smaller countries such as China, India, Brazil, South Korea, Taiwan, and South Africa. Magnificent 7: A group of seven high‑performing U.S. technology and tech‑adjacent companies — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. Disclaimers: Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance.  Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results willnot differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas ofrisk described in the most recent prospectus.You cannot invest directly in an index. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFsbefore investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

With the US market continuing to draw investor attention, Bipan surveys the current state of play, covering what the latest US data means for Fed policy and positioning, why AI's productivity gains may benefit a narrow set of market participants rather than the broader economy, and where he sees hedging opportunities in the US dollar moving forward. This podcast was recorded live on February 18, 2026. FOMC: Federal Open Market Committee Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠ Disclaimers:This podcast is for informational or educational purposes only. No part of this presentation may be reproduced, stored in a retrieval system or transmitted, in any form or by any means,electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM). The information contained herein is not, and should not beconstrued as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.  The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutualfunds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are notguaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are managed by BMO Investments Inc., an investment fund manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

With the S&P 500 more concentrated than ever and international markets gaining momentum, how are investorsbuilding more resilient portfolios? In this episode, Roxanne Lapenna and Hilly Cutler join host Andrew Vachon to break down the latest ETF launches and what they could mean for income, diversification, and long-term returns.Andrew Vachon is Vice President of Product Marketing at BMO Global Asset Management (BMO GAM). He is joined on the podcast by Roxane Lapenna, Head of Retail Investment Specialists at BMO GAM and Hilly Cutler, Director, Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. This episode was recorded live on Wednesday, February 18, 2026.ETFs mentioned:·  BMO MSCI Canada IMI High Dividend Yield Index ETF (Ticker: ZDIV)·  BMO MSCI USA Equal Weight Index ETF (Ticker: ZEQL)·  BMO MSCI EAFE Small-Mid Cap Index ETF (Ticker: ZESM) Sources:ETF Flows, according to the National Bank Report, December 2025Press Release - February 6, 2026 - BMO Launches New ETF Index Strategies Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statementsare not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.The BMO ETFs or securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to any such BMO ETFs orsecurities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs. You cannot invest directly in an index. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFsbefore investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

What happens when an aging population reshapes an entire nation’s financial future? In this episode, Alain Desbiens joins host Michelle Allen to unpack how Canada’s demographic shift is transforming retirement planning, creating new challenges—and long‑term opportunities—for today’s investors.Michelle Allen is Senior Associate, Online Distribution at BMO Exchange Traded Funds and Alain Desbiens is Vice Chair of BMO Exchange Traded Funds. This episode was recorded live on Tuesday, February 10, 2026. ETFs mentioned:· BMO Asset Allocation ETFs· BMO Conservative ETF (ZCON)· BMO Balanced ETF (ZBAL)· BMO Growth ETF (ZGRO)· BMO All-Equity ETF (ZEQT)· BMO Covered Call Canadian Banks ETF (ZWB)· BMO Canadian High Dividend Covered Call ETF (ZWC)· BMO US High Dividend Covered Call ETF (ZWH)· BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA)· BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE)· BMO Global High Dividend Covered Call ETF (ZWG)· BMO Covered Call US Banks ETF (ZWK)· BMO Covered Call Utilities ETF (ZWU)· BMO Covered Call Health Care ETF (ZWHC)· BMO Covered Call Technology ETF (ZWT) · BMO Balanced ETF (Target Cash Flow Units) (ZBAL.T)· BMO Growth ETF (Target Cash Flow Units) (ZGRO.T) Sources:ETF Flows, according to the National Bank Report, December 2025Retirement Is Getting Longer. Your Portfolio Should Too.Stats CanadaPress Release - February 12, 2026 - BMO Expands ETF Lineup with New Target Cash Flow UnitsDisclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.The Dow Jones Industrial Average Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by the Manager. S&P®, S&P 500®, Select Sector®, SPDR®, US 500, The 500 are trademarks of S&P Global, Inc. or its affiliates (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Manager. The ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.You cannot invest directly in an index. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

In this episode, Bipan Rai and Matt Montemurro join host, Esther Choi to unpack the latest trends in global commodity markets, exploring how broad-based commodity ETFs can streamline access to multiple futures exposures and offer investors a simple, cost-efficient approach to portfolio diversification. Esther Choi is Vice President, ETF Specialist, BMO ETFs at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Matt Montemurro, Head of Fixed Income and Equity Index ETFs at BMO GAM. Recorded live on January 29, 2026. ETFs:· BMO Gold Bullion ETF (ZGLD) · BMO Covered Call Spread Gold Bullion ETF (ZWGD) · BMO Broad Commodity ETF (ZCOM) · BMO Equal Weight Oil & Gas Index ETF (ZEO)· BMO SPDR Energy Select Sector Index ETF (ZXLE)· BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT)· BMO Equal Weight Global Gold Index ETF (ZGD) · BMO Junior Gold Index ETF (ZJG) Sources:ETF Flows, according to the National Bank Report, December 2025Macro Notes - The ‘Oil to Gold’ Rotation in Canada⁠⁠Bloomberg Commodity Index (BCOM): 2026 AnnualRebalance FAQ⁠⁠Press Release - January 23, 2026 - BMO Reduces Fees on Select ETFs and Updates Risk RatingsRegister here to join Bipan Rai’s Feb. 9 Reddit ‘AskMe Anything’ event. Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance.  Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results willnot differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas ofrisk described in the most recent prospectus.The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and  represents  approximately two-thirds of the total market value ofall domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes. An investor should consider investment objectives, risks, fees and expenses before investing. You cannot invest directly in an index. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFsbefore investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Two simmering forces have helped drive historic swings in gold and silver prices in recent weeks: further erosion in the U.S. dollar’s global reserve currency status, as well as a shift among several governments to prioritize the stockpiling of resources and industrial production. Bipan is joined by Daniel Ghali, senior commodity strategist at TD Securities, to discuss the outlook for the precious metals as well as copper in the wake of the remarkable price action. This podcast was recorded live on February 3, 2026. Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Gold’s surge past $5,000 (U.S.) an ounce amid policy rate pauses from both the Federal Reserve and Bank of Canada have given macroeconomic watchers much to discuss. Bipan is joined by RBC Capital Markets’ Jason Daw to talk about what they expect for yields, term premia, trade risks and more. This podcast was recorded live on January 29, 2026.Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

For Canadian investors, choosing between hedged and unhedged ETFs is a key decision when building global portfolios. In this episode, Bipan Rai and Jennifer Li join host Erika Toth to discuss how these preferences have evolved in recent years, how advisors can align hedging decisions with clients' investment policies, and the foreign exchange dynamics shaping Canada's ETF market.Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Jennifer Li, Director, Institutional ETF Sales at CIBC Capital Markets. This podcast was recorded live on Wednesday, January 28, 2026.ETFs mentioned:· BMO S&P 500 Index ETF (ZSP) · BMO S&P 500 Hedged to CAD Index ETF (ZUE)Sources: ETF Flows, according to the National Bank Report, December 2025FX Hedging Behaviours in the Canadian ETF Space – Research study by Sarah Ying, Executive Director and Head of FX Strategy, Global Markets at CIBC Capital MarketsDisclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.The Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by the Manager. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Manager.  The ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding theadvisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index. You cannot invest directly in an index. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Back by popular demand, we’re revisiting our BMO ETFs 2026 outlook. In this replay episode, join Bipan Rai and host Erika Toth as they break down key trends, highlight top ETF opportunities, and share strategies to help investors stay resilient in the months ahead. Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). Bipan Rai is Head of ETF Strategy, ETFs at BMO GAM. Recorded live on January 7, 2026.ETFs:· BMO SPDR Select Sector Index ETFs· BMO MSCI USA High Quality Index ETF (ZUQ)· BMO Covered Call Technology ETF (ZWT) · BMO SPDR Health Care Select Sector Index ETF (ZXLV)· BMO SPDR Financials Select Sector Index ETF (ZXLF)· BMO MSCI EAFE Index ETF (ZEA)· BMO MSCI Emerging Markets Index ETF (ZEM)· BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT)· BMO Covered Call Canadian Banks ETF (ZWB)· BMO Long Short Canadian Equity ETF (ZLSC) · BMO Floating Rate High Yield ETF (ZFH)· BMO AAA CLO ETF (ZAAA)⁠· BMO Covered Call Spread Gold Bullion ETF (ZWGD) · BMO Global Infrastructure Fund (BGIF)· BMO SPDR Health Care Select Sector Index ETF (Hedged Units) (ZXLV.F)· BMO SPDR Financials Select Sector Index ETF (Hedged Units) (ZXLF.F)· BMO AAA CLO ETF (Hedged Units) (ZAAA.F)· BMO MSCI USA High Quality Index ETF (Hedged Units) (ZUQ.F) Sources: ETF Flows, according to the National Bank Report, December 2025Top ETF trades for 2026: Conviction, context and a respect for unpredictability  Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses all may be associated with investments in BMO ETFs and ETF Series units of the BMO Mutual Funds. Please read the ETF facts or prospectus of the relevant BMO ETF or ETF Series of BMO Mutual Fund before investing. BMO ETFs and ETF Series units of the BMO Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs or ETF Series units of the BMO Mutual Funds, please see the specific risks set out in the prospectus. BMO ETFs and ETF Series units of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. The BMO Mutual Funds are offered by BMO Investments Inc., an investment fund manager and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

From shifting policy signals to growing interest in commodities, the investing playbook is evolving. In this episode, ETF and Alternatives Strategist Bipan Rai and host Michelle Allen discuss what these developments could mean for portfolio strategies and fixed income positioning in the year ahead. Michelle Allen is Senior Associate, Online Distribution at BMO Exchange Traded Funds and Bipan Rai is Head of ETF Strategy, Exchange Traded Funds at BMO Global Asset Management. Recorded live on January 14, 2026. ETFs:·   BMO MSCI USA High Quality Index ETF (ZUQ)·   BMO S&P/TSX Capped Composite Index ETF (ZCN)·   BMO MSCI EAFE Index ETF (ZEA)·   BMO MSCI Emerging Markets Index ETF (ZEM)·   BMO Canadian Bank Income Index ETF ( ZBI)·   ⁠Fixed Income ETFs·   BMO Covered Call Spread Gold Bullion ETF (ZWGD) Sources: ETF Flows, according to the National Bank Report, December 2025Commentary: How to keep dancing when the party is slowing downNotice of Proposed Rulemaking on Prohibition on Use of Reputation Risk by Regulators (October 2025)LRCN: Limited Recourse Capital NotesNPR: Notice of Proposed Rulemaking from the U.S. Government Printing Office (GPO)Term premium: The extra return (a risk premium) investors demand for holding a longer-term bond instead of repeatedly reinvesting in shorter-term bonds over the same period, compensating for risks like uncertain inflation and interest rate changes.Disclaimers: Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.The BMO ETFs or securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs.Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

The new year has begun with no shortage of fireworks for bond investors, with multiple geopolitical shocks confronting credit markets. Bipan is joined by Vishang Chawla, active fixed income portfolio manager at BMO Global Asset Management, to discuss how credit markets are responding, and what could drive yields as well as allocation decisions over the balance of 2026. This podcast was recorded live on January 13, 2026. Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

What do stretched valuations, resilient commodities, and shifting monetary policies mean for your portfolio in 2026? Join Bipan Rai and host Erika Toth as they unpack these trends and share top ETF strategies for navigating today’s unpredictable geopolitical landscape.Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). Bipan Rai is Head of ETF Strategy, Exchange Traded Funds at BMO GAM. This episode was recorded live on Wednesday, January 7, 2026.ETFs mentioned:· BMO SPDR Select Sector Index ETFs· BMO MSCI USA High Quality Index ETF (ZUQ)· BMO Covered Call Technology ETF (ZWT) · BMO SPDR Health Care Select Sector Index ETF (ZXLV)· BMO SPDR Financials Select Sector Index ETF (ZXLF)· BMO MSCI EAFE Index ETF (ZEA)· BMO MSCI Emerging Markets Index ETF (ZEM)· BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT)· BMO Covered Call Canadian Banks ETF (ZWB)· BMO Long Short Canadian Equity ETF (ZLSC) · BMO Floating Rate High Yield ETF (ZFH)· BMO AAA CLO ETF (ZAAA)⁠·  BMO Covered Call Spread Gold Bullion ETF (ZWGD) ·  BMO Global Infrastructure Fund (Active ETF Series) (BGIF)·  BMO SPDR Health Care Select Sector Index ETF (Hedged Units) (ZXLV.F)· BMO SPDR Financials Select Sector Index ETF (Hedged Units) (ZXLF.F)· BMO AAA CLO ETF (Hedged Units) (ZAAA.F)· BMO MSCI USA High Quality Index ETF (Hedged Units) (ZUQ.F)Source: ETF Flows, according to the National Bank Report, December 2025Top ETF trades for 2026: Conviction, context and a respect for unpredictability Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Asset allocation ETFs offer simplicity, diversification, and low fees—making them an increasingly popular choice for Canadian investors. But with more than 90 options on the market, finding the best fit can be challenging. In today’s episode, Alain Desbiens joins host Danielle Neziol to explore the unique benefits of these all-in-one solutions and highlight BMO ETFs that can help investors build wealth and manage income more effectively—whether starting out or planning for retirement. Danielle Neziol is a Vice President of Direct Distribution at BMO Exchange Traded Funds. She is joined by Alain Desbiens, Vice Chair of BMO Exchange Traded Funds. Recorded live on December 12, 2025. ETFs: BMO Asset Allocation ETFs BMO Conservative ETF (ZCON) BMO Balanced ETF (ZBAL) BMO Growth ETF (ZGRO) BMO All-Equity ETF (ZEQT) BMO Discount Bond Index ETF (ZDB)  BMO Aggregate Bond Index ETF (ZAG) BMO Growth ETF (Fixed Percentage Distribution Units) (ZGRO.T) BMO Balanced ETF (Fixed Percentage Distribution Units) (ZBAL.T) BMO All-Equity ETF (ZEQT)  BMO S&P 500 Index ETF (ZSP) BMO S&P/TSX Capped Composite Index ETF (ZCN) BMO MSCI EAFE Index ETF (ZEA) BMO MSCI Emerging Markets Index ETF (ZEM) BMO Balanced ESG ETF (ZESG) ZBAL, total returns as of 2025/11/30: 1 yr: 12.68%, 3yr: 12.85%, 5 yr 8.16%, 10 yr: NA, SI 8.82% ZGRO, total returns as of 2025/11/30: 1 yr: 15.93%, 3yr: 15.95%, 5 yr 11.13%, 10 yr: NA, SI: 11.24% Source: ETF Flows, according to the National Bank Report, December 2025 Source: SIMA Monthly Investment Fund Statistics – October 2025Largest and Most Liquid ETFs 2025 Canadian Fund Fee Study SPIVA Canada Mid-Year 2025 Score Card Press Release - June 2, 2025 - BMO Lowers Fees on Asset Allocation ETFs to Deliver Greater Value to Investors AUM: Assets Under Management  Disclaimers: Please visit for full disclaimers This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.  Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence. 

As the year winds down, we’re taking a moment to reflect. In today’s episode, host Erika Toth is joined by Bipan Rai and Matt Montemurro to unpack the biggest ETF trends that shaped the  Canadian equity space in 2025—and explore what they could mean for the year ahead.  Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, ETFs at BMO GAM, and Matt Montemurro, Head of Fixed Income and Equity Index ETFs at BMO GAM. Recorded live on December 17, 2025.  ETFs: BMO S&P/TSX Capped Composite Index ETF (ZCN) BMO S&P 500 Index ETF (ZSP) BMO MSCI EAFE Index ETF (ZEA) BMO Broad Commodity ETF (ZCOM) BMO Long Short Canadian Equity ETF (ZLSC) BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) BMO Asset Allocation ETFs BMO All-Equity ETF (ZEQT) BMO Aggregate Bond Index ETF (ZAG) BMO Discount Bond Index ETF (ZDB) BMO Gold Bullion ETF (ZGLD) BMO Covered Call Spread Gold Bullion ETF (ZWGD) BMO Conservative ETF (ZCON) BMO Broad Commodity ETF (ZCOM) BMO Short Corporate Bond Index ETF (ZCS) BMO Corporate Bond Index ETF (ZCB) BMO Ultra Short-Term Bond ETF (ZST) BMO Money Market Fund ETF Series (ZMMK) BMO Long Federal Bond Index ETF (ZFL) BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY) BMO US Aggregate Bond Index ETF (USD Units) (ZUAG.U) BMO US Aggregate Bond Index ETF (Hedged Units)(ZUAG.F) ZCN, total returns as of 2025/11/30: 1 yr: 25.62%, 3yr: 18.80%, 5 yr 16.12%, 10 yr: 12.13%, SI 9.58% ZSP, total returns as of 2025/11/30: 1 yr: 14.48%, 3yr: 21.72%, 5 yr 16.61%, 10 yr: 14.74%, SI: 17.81% ZEA, total returns as of 2025/11/30: 1 yr: 23.57%, 3yr: 16.50%, 5 yr 10.74%, 10 yr: 8.09%, SI: 8.37% Source: Flows, according to the National Bank Report, December 2025 Disclaimers: Please visit for full disclaimers This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.  Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence. 

A variety of factors, from positive correlations between stocks and bonds to improving access via new products and fund structures, have made alternative asset classes increasingly important considerations in allocation decisions. John de Goey, author and portfolio manager at Designed Wealth Management, joins Bipan to discuss his approach to alternatives, and the future of alts in Canadian portfolios. This podcast was recorded live on December 16, 2025. Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

With attention turning toward capital allocation decisions for 2026, Bipan is joined by BMO Global Asset Management CIO Sadiq Adatia to examine key themes poised to shape financial markets, as well as sectors and geographies that could benefit from a constructive macro backdrop or specific strengths. This podcast was recorded live on December 11, 2025.Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

In this episode, Sohrab Movahedi, Bipan Rai, and your host, Skye Collyer, delve into Q4 Canadian bank earnings, touching on what’s driving growth and the unifying theme of resilience through diversification. They also share their 2026 outlook for the Big Six.Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. Recorded on Dec 9, 2025.ETFs:BMO Equal Weight Banks Index ETF (ZEB)     BMO Covered Call Canadian Banks ETF (ZWB)Largest and Most Liquid BMO GAM ETFsPerformance dispersion spread between the Big Six Banks is 33%, according to Bloomberg, for the 12-month period ending October 31, 2025. Performance dispersion spread is the gap between the best and worst performers in a group.CUSMA: Canada-United States-Mexico Agreement on tradeEPS: Earnings Per Share Forward P/E Ratio: The ratio for valuing a company that measures its current share price relative to its forecasted per-share earnings (EPS).PCL: Provision for Credit LossesROE: Return on EquityUSMCA: United States-Mexico-Canada Agreement; the American name for the CUSMADisclaimers:This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of themarkets at the time of recording. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. Solactive AG (“Solactive”) is the licensor of Solactive Index. The BMO Equal Weight Banks Index ETF that is based on the Solactive Index is not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regardto: (a) the advisability in investing in the ETF; (b) the quality, accuracy and/or completeness of the Solactive Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Solactive Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Solactive Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Solactive Index.Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.Please check out link for full disclaimers.Please click here for BMO Capital Markets disclosures.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Portfolios are only as strong as their foundations. In today’s episode, Alain Desbiens joins your host, Erika Toth, to take a deep dive into low-cost core ETFs and how they can do the heavy-lifting for investors’ financial goals at any stage of life.Erika Toth is Director and Head of ETF and Portfolio Consultants at BMO Global Asset Management (BMO GAM). She is joined by Alain Desbiens, Vice Chair, BMO ETFs, BMO GAM. Recorded live on Nov 27, 2025.ETFs:BMO S&P/TSX Capped Composite Index ETF (ZCN)BMO S&P 500 Index ETF (ZSP)BMO MSCI EAFE Index ETF (ZEA)BMO Low Volatility Canadian Equity ETF (ZLB)BMO Low Volatility US Equity ETF (ZLU)Canadian Depositary Receipts (CDRs)BMO Asset Allocation ETFsBMO All-Equity ETF (ZEQT)BMO Growth ETF (ZGRO)BMO Balanced ETF (ZBAL)BMO Conservative ETF (ZCON)BMO Global Infrastructure Index ETF (ZGI)BMO Gold Bullion ETF (ZGLD)BMO Broad Commodity ETF (ZCOM)BMO Long Short Canadian Equity ETF (ZLSC)BMO Long Short US Equity ETF (ZLSU)BMO Balanced ETF (T6 Series) (ZBAL.T)BMO Growth ETF (Fixed Percentage Distribution Units) (ZGRO.T)BMO Canadian High Dividend Covered Call ETF (ZWC)BMO Global High Dividend Covered Call ETF (ZWG)BMO Global Infrastructure Fund (Active ETF Series) (BGIF)Largest and Most Liquid ETFs2025 Canadian Investor Study by Broadridge SPIVA Canada Mid-Year 2025 Score CardPress Release - BMO Lowers Fees on Asset Allocation ETFsManagement Expense Ratio (MER): the percentage of the annual fees plus the annual expenses, divided by the average net assets of the fund. Trading Expense Ratio (TER): The TER represents the costs each fund spends on brokerage commissions for buying and selling the underlying investments. Fund Expense Ratio (FER): A measure of an investment fund's annual operating expenses as a percentage of its assets.Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors shouldcarefully consider the areas of risk described in the most recent prospectus. Commissions, management fees and expensesall may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

With the final weeks of trading for 2025 underway, Bipan surveys some key data points shaping markets through year-end and into 2026, while diving into two sectors with tailwinds that could benefit investors through next year. This podcast was recorded live on December 1, 2025. Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠Disclaimers:This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Mutual Funds are offered by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

In today’s episode, special guest Andres Rincon and your host, Erika Toth, reflect on the top ETF trends from the year, including industry flows, new innovative listings, and enhanced fee transparency coming soon from the investment industry. Plus, what investors can expect in 2026.Erika Toth is Director and Head of ETF and Portfolio Consultants at BMO Global Asset Management. Andres Rincon is Managing Director of ETF Sales and Strategy, TD Securities. Recorded live on Nov 24, 2025.BMO Covered Call Spread Gold Bullion ETF (ZWGD)BMO AAA CLO ETF (ZAAA)BMO SPDR Select Sector Index ETFsBMO Target Maturity Bond ETFs BMO Broad Commodity ETF (ZCOM) BMO BBB CLO ETF (ZBBZ)BMO Long Short US Equity ETF (ZLSU)BMO Long Short Canadian Equity ETF (ZLSC)   ETF Flows, National Bank Report, Nov 2025.Canadian ETF Fact Sheet, TD Securities, Nov 18, 2025.Disclaimers:Please visit for full disclaimersThis podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.All investments involve risk. The value of an ETF can go down as well as up and you could lose money. The risk of an ETF is rated based on the volatility of the ETF’s returns using the standardized risk classification methodology mandated by the Canadian Securities Administrators. Historicalvolatility does not dictate how volatile an ETF will be in the future. An ETF with a risk rating of “low” can still lose money.  Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.