BMO ETFs: Views from the Desk

What are the advantages of investing in gold? In this special episode, Portfolio Managers Jonathan Lau and Olivia Li, and your host, Erika Toth, explore this safe-haven asset. They also introduce a new way to get exposure to the price of gold bullion while generating monthly cash flow.

Erika Toth is a Director of Institutional and Advisory at BMO Global Asset Management. She is joined by Jonathan Lau and Olivia Li, Portfolio Managers at BMO Exchange Traded Funds. Recorded live on May 28, 2025.

• A Golden Lineup of ETFs
• Cash Flow That Shines

Funds:

• BMO Gold Bullion ETF (ZGLD)
• BMO Gold Bullion ETF (USD Units) (ZGLD.U)
• BMO Gold Bullion Hedged to CAD ETF (ZGLH)
• BMO Equal Weight Global Gold Index ETF (ZGD)
• BMO Junior Gold Index ETF (ZJG)
• BMO Covered Call Spread Gold Bullion ETF (ZWGD)

Out-of-the-money: how far the strike price is set relative to the underlying stock price.

Call Option: a contract that gives buyer the right, but not the obligation, to purchase a specific asset at a predetermined price within a specified timeframe.

Volatility: measures how much the price of a security, derivative, or index fluctuates. The most commonly used measure of volatility when it comes to investment funds is standard deviation.

Writing (Short) Call: a contract obligating the seller to sell the underlying asset, at a specific price (the strike price) if the buyer chooses to exercise the option. The seller receives a premium for selling.

Disclaimers:

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 suchstatements 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.

Distributions are not guaranteed, may fluctuate and are subject to change and/or elimination.

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., which is 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.

This podcast is for information purposes. 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.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

In this episode, your host, Erika Toth, sits down with special guest Brian Belski, to get his sought-after market outlook for the months ahead and introduce five brand new Belski ETFs.

Erika Toth is a Director of Institutional & Advisory, Eastern Canada, at BMO Global Asset Management. She is joined by Brian Belski, Chief Investment Strategist and leader of the Investment Strategy Group, BMO Capital Markets. Recorded live on June 9, 2025.

Funds:

• BMO Canadian Core Plus US Balanced ETF (ZBCB)
• BMO Canadian Equity Plus ETF (ZBEC)
• BMO US Dividend Growth ETF (ZBDU)
• BMO US Dividend Growth ETF (Hedged Units) (ZBDU.F)
• BMO US Large Cap Disciplined Value ETF (ZBVU)
• BMO US Equity Focused ETF (ZBEU)
• BMO US Equity Focused ETF (Hedged Units) (ZBEU.F)
• BMO AAA CLO ETF (ZAAA)

Disclaimers:

This podcast presentation is for informational 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 viewpoints expressed by the participants represent their assessment of the markets 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.

CLOs are floating- or fixed-rate debt securities issued in different tranches, with varying degrees of risk, bytrusts or other special purpose vehicles (“CLO Issuers”) and backed by an underlying portfolio consisting primarily of below investment grade corporate loans. The BMO ETF pursues its investment objective by investing, under normal circumstances, at least 85% of its net assets in CLOs that, at the time of purchase, are rated AAA or the equivalent by a nationally recognized statistical rating organization.

AAA herein refers to the order of payments, should there be any defaults, and does not represent the ratings of the underlying loans within the CLO. If there are loan defaults or the CLO Issuer’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches (a tranche or tranches subordinated to the senior tranche), and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. The riskiest portion is the “Equity” tranche, which bears the first losses and is expected to bear all or the bulk of defaults from the corporate loans held by the CLO Issuer serves to protect the other, more senior tranches from default.

For more information about the risk rating and specific risks that can affect BMO AAA CLO ETF’s returns, see BMO AAA CLO ETF’s prospectus.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or simplified prospectus of the BMO ETFs before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

A new floor price for world oil prices as well as rising forecasts for gold are two among many implications traders are weighing as tensions simmer between Iran, Israel as well as the United States. Bipan is joined by TD Securities strategist Daniel Ghali to discuss what impact the conflict has had on commodity and energy price expectations. This podcast was recorded live on June 24, 2025.

Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠

Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠

Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠

Sources

IEA, as of May 31, 2025

Disclaimers:

This podcast is for information purposes. 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 by the speakers represents their assessment of the markets at the time of publication. The comments contained do not necessarily represent the views of BMO Global Asset Management. 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. This communication is intended for informational purposes only.

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 simplified prospectus.

ZIQ referred to herein is not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to the ETF or any index on which such ETF is based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with the Manager and any related ETF.

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., which is 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.

In this episode, special guest Sohrab Movahedi, ETF Strategist Bipan Rai, and your host, Skye Collyer, take a deep dive into Canada’s Big Six banks, from recent earnings results to key themes to watch throughout the second half of 2025.

Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management. She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds, at BMO Global Asset Management, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. This episode was recorded on Monday, June 16, 2025.

ETFs mentioned in the podcast:

• BMO Equal Weight Banks Index ETF (Ticker: ZEB)
• BMO Equal Weight US Banks Index ETF (Ticker: ZBK)
• BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

Buyback Programs: When a company repurchases a portion of its shares, reducing the number available on the open market.

Capital Ratios: The ratio of bank capital and reserves to total assets.

P&C: Personal and commercial banking

PCL: Provision for Credit Losses

Restructuring Charges: One-time costs incurred when a company undergoes significant organizational changes, such as downsizing.

Operating Leverage: A measure of how revenue growth translates into operating income growth.

ROE: Return on Equity

USMCA: The United States-Mexico-Canada Agreement

Disclaimers:

This podcast is for information purposes. No part of this podcast 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 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. Theinformation 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. 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 involverisks, 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 theareas of risk described in the most recent simplified prospectus.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or simplified 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 simplified prospectus. BMO ETFs trade like stocks, fluctuatein 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., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

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.

A part of the new U.S. tax bill (Section 899) holds potentially sweeping implications for Canadian investments in the United States. Leila Ross from BMO Global Asset Management joins Bipan to break down what the current proposals are, their possible impact on Canadians, and what could change before the legislation is passed. This podcast was recorded live on June 17, 2025.

Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠

Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠

Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠

Disclaimers:

This podcast is for information purposes. 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 by the speakers represents 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. This communication is intended for informational purposes only.

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 simplified prospectus.

The ETF referred to herein is not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to the ETF or any index on which such ETF is based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with the Manager and any related ETF.

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., which is 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.

Will 2025 be another record year for the ETF industry? In this episode, Bipan Rai, Matt Montemurro, and host, Erika Toth, look at the latest trends and flows in Canada.

Erika Toth is a Director of Institutional & Advisory, Eastern Canada, at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds, BMO GAM, and Matt Montemurro, Head of Fixed Income & Equity Index ETFs, Exchange Traded Funds. Recorded live on June 10, 2025.

Funds:

• BMO MSCI EAFE Index ETF (ZEA)
• BMO Low Volatility International Equity ETF (ZLI)
• BMO International Dividend ETF (ZDI)
• BMO All-Equity ETF (ZEQT)
• BMO Aggregate Bond Index ETF (ZAG)
• BMO Money Market Fund ETF Series (ZMMK)
• BMO Ultra Short-Term Bond ETF (ZST)
• BMO Equal Weight Banks Index ETF (ZEB)
• BMO Equal Weight US Banks Index ETF (ZBK)
• BMO Gold Bullion ETF (ZGLD)
• BMO SPDR Utilities Select Sector Index ETF (ZXLU)
• BMO SPDR Communication Services Select Sector Index ETF (ZXLC)
• BMO Equal Weight Industrials Index ETF (ZIN)
• BMO MSCI USA High Quality Index ETF (ZUQ)
• BMO MSCI EAFE High Quality Index ETF (ZIQ)
• BMO MSCI All Country World High Quality Index ETF (ZGQ)
• BMO Government Bond Index ETF (ZGB)

EAFE: Europe, Australasia, and the Far East.

National Bank Financial Report, May 2025. 

HISA ETFs: High Interest Savings Accounts investment ETFs

ZLI, total returns as of 2025/05/31: 1 yr: 22.89%, 3yr: 12.42%, 5 yr 7.70%, SI: 6.61%

Disclaimers:

This podcast presentation is for informational 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 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. Particular investments and trading strategies 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 simplified prospectus.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or simplified prospectus of the BMO ETFs before investing. The indicated ratesof return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. 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 simplified 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 (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Bipan Rai and BMO Global Asset Management Chief Investment Officer Sadiq Adatia discuss the monthly House View outlook from Sadiq and team for June, dissecting the group’s shift to a neutral posture across asset classes, with the intent of being opportunistic. This podcast was recorded live on June 5, 2025.

For BMO GAM’s latest monthly House View report, visit: https://bmogam.com/ca-en/insights/monthly-house-view/

Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠

Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠

Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠

Disclaimers:

This podcast is for information purposes. 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 by the speakers represents 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. This communication is intended for informational purposes only.

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 simplified prospectus.

The ETF referred to herein is not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to the ETF or any index on which such ETF is based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with the Manager and any related ETF.

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., which is 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.

From sidewalks to skyscrapers, Bipan Rai, Massimo Bonansinga, and host, Andrew Vachon, drill down on the critical role infrastructure plays in economic growth and recovery. They also discuss how the sector has been impacted by the global trade war and share potential opportunities.

Andrew Vachon is VP of Product Marketing, BMO Global Asset Management (GAM). He is joined by Bipan Rai, Head of ETF Strategy, ETFs, BMO GAM, and Massimo Bonansinga, Portfolio Manager (Industrials & Utilities), Global Equity, BMO GAM. Recorded live on May 30, 2025.

Funds:

• BMO Global Infrastructure Index ETF (Ticker: ZGI)
• BMO Global Infrastructure Fund - F

Disclaimers:

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 hereinis 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 simplified prospectus.

The portfolio holdings and allocations are subject to change without notice.

It is not possible to invest directly in an Index.

Past performance is not indicative of future results. All investments involve risk. The value of an ETF or Mutual Fund can go down as well as up and you could lose money. The risk of an ETF or Mutual Fund is rated based on the volatility of the ETF’s or MF's returns using the standardized risk classification methodology mandated by the Canadian Securities Administrators. Historical volatility doesn’t tell you how volatile an ETF or Mutual Fund will be in the future. An ETF or Mutual Fund with a risk rating of “low” can still lose money.

For more information about the risk rating and specific risks that can affect an ETF’s returns, see the BMO ETFs’ simplified prospectus.

For more information about the risk rating and specific risks that can affect a Mutual Fund’s returns, see the BMO Mutual Fund’s simplified prospectus.

Commissions, management fees and expenses (if applicable) may be associated with investments in mutual funds and exchange traded funds (ETFs). Trailing commissions may be associated with investments in mutual funds. Please read the fund facts, ETF Facts or simplified 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 BMO Mutual Funds or BMO ETFs, please see the specific risks set out in the simplified prospectus of the relevant mutual fund or ETF. BMO ETFs trade like stocks, fluctuate inmarket 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.

This podcast is for information purposes. 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.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

U.S. House Republican tax legislation backed by President Trump holds potentially significant implications for foreign investors, including Canadians. Bipan Rai sits down with Chris Krueger, Managing Director with TD Cowen’s Washington Research Group to pore over the details, and discuss the potential market impact. This podcast was recorded live on May 27, 2025.

Show link (Spotify): ⁠⁠⁠⁠https://open.spotify.com/show/54bsOfP7M4a6IMujUzRyBK⁠⁠⁠⁠

Show link (Apple Podcasts): ⁠⁠⁠https://podcasts.apple.com/us/podcast/the-open-outcry/id1804618898⁠⁠

Show link (Amazon Music): ⁠⁠⁠https://music.amazon.ca/podcasts/baf10f04-ec7f-4961-8eba-6a23043f4dd4/the-open-outcry⁠

i) TCJA: The first Trump Administration's Tax Cuts and Jobs Act. TCJA tax cuts are set to expire at the end of 2025.

ii) USMCA: United States-Mexico-Canada Agreement on trade, implemented July 1, 2020.

iii) Capex or CapEx: Capital Expenditures which is spending on capital projects, systems or equipment.

iv) IRA green energy credits: Inflation Reduction Act's green energy credits. v) Supply Side Theory: An economic theory that states that economic growth can be achieved by increasing the total, or aggregate, supply of goods and services within an economy.

v) Debt Limit: Also called the Debt Ceiling, is the maximum amount of money that the U.S. Treasury can borrow to pay its obligations.

Disclaimers:

This podcast is for information purposes. 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 by the speakers represent their assessment of the markets at the time of publication and do not necessarily represent the views of BMO Global Asset Management. 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 simplified 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 by BMO Asset Management Inc., which is 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.

In today’s episode, special guest Mark Jarosz, and your host, Zayla Saunders, take us to the top of the cash flow waterfall to provide must-know answers to your collateralized loan obligation, or CLO, questions.

Zayla Saunders is a Senior Associate of Online Distribution at BMO Global Asset Management (GAM). She is joined on the podcast by Mark Jarosz, Lead, Private Credit, Alternatives, at BMO GAM. Recorded live on Wed, May 21, 2025.

ETFs:

• BMO AAA CLO ETF (ZAAA)
• BMO AAA CLO ETF (Hedged Units) (ZAAA.F)
• BMO AAA CLO ETF (USD Units) (ZAAA.U)

Collateralized Debt Obligation (CDO): A structured financial product where a bank or other entity pools together various types of debt, like mortgages, bonds, and loans, and repackages them into tranches, or classes of securities, based on their risk level.

Correlation: A statistical measure of how two securities move in relation to one another. Positive correlation indicates similar movements, up or down together, while negative correlation indicates opposite movements.

There have historically been zero defaults on AAA tranches through the 30-year history of CLOs. Source:Bloomberg, as of December 31, 2024. Past default rates do not guarantee future default rates.

Source: Size of the CLO market and CLO ETF market, Bank of America, factbook March, 2025.

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Please see the full CLO ETFs disclaimers here.

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.

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