BMO ETFs: Views from the Desk

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.