BMO ETFs: Views from the Desk

Trump’s tariffs have sent stock markets on a roller-coaster ride. Are investors ready for more? In this episode, ETF Strategist Bipan Rai, and host, Erin Allen, dive into the four corrective channels to watch and share ideas for defensive portfolio positioning.

Erin Allen is Director of Online Distribution at BMO Exchange Traded Funds. She is joined on the podcast by Bipan Rai, Head of ETF Strategy, ETFs at BMO Global Asset Management. Recorded live on April 9, 2025.

ETFs:

• BMO USD Cash Management ETF (ZUCM)

• BMO Global Infrastructure Index ETF (ZGI)

• BMO Gold Bullion ETF (ZGLD)

ZUCM, total returns as of 2025/03/31: YTD: 1.14%, 1 yr: 11.44%, SI: 9.59%

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

Forward P/E ratio: The forward price-to-earnings ratio is the ratio for valuing acompany that measures its current share price relative to its forecastedper-share earnings.

The Great Depression: A significant global economic downturn that spanned from 1929 to 1939.

Personal Consumption Expenditures Price Index (PCE): A measure for capturing inflation or deflation across a wide range of consumer expenses.

The Smoot-Hawley Tariff Act of 1930: Senator Reed Smoot and Representative Willis C. Hawley raised tariffs on imported goods in an attempt to protect American industries, which ultimately led to a global trade war.

Volatility: Measures how much the price of a security, derivative, or indexfluctuates.  

Disclaimers:

The viewpoints expressed by the speakers representtheir 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 anyparty. 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 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, 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.

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, ETF Strategist Bipan Rai, and host, Erika Toth, share why they are proceeding with market caution over exuberance and provide a Q2 update on portfolio positioning.

Erika Toth is a Director of Institutional and Advisory, BMO GAM. She is joined by Bipan Rai, Head of ETF Strategy, ETFs, BMO GAM. Recorded live on March 31, 2025.

• BMO International Dividend ETF (ZDI)
• BMO MSCI China Selection Equity Index ETF (ZCH)
• BMO Low Volatility Canadian Equity ETF (ZLB)
• BMO MSCI USA High Quality Index ETF (ZUQ)
• BMO MSCI USA High Quality Index ETF (Hedged Units) (ZUQ.F)
• BMO US High Dividend Covered Call Hedged to CAD ETF (ZWS)
• BMO Covered Call US Banks ETF (ZWK)
• BMO SPDR Health Care Select Sector Index ETF (ZXLV)
• BMO Covered Call Energy ETF (ZWEN)
• BMO Global Infrastructure Index ETF (ZGI)
• BMO Gold Bullion ETF (ZGLD)
• BMO US Equity Buffer Hedged to CAD ETF – January (ZJAN)
• BMO Long Short US Equity ETF (ZLSU)
• BMO Discount Bond Index ETF (ZDB)
• BMO Long-Term US Treasury Bond Index ETF (ZTL)
• BMO Short-Term US TIPS Index ETF (Hedged Units)(ZTIP.F)
• BMO USD Cash Management ETF (ZUCM)

Disclaimers:

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 simplified prospectus.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” orthe “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selectedon the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price andyield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.

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 towardstocks with large market capitalizations and represents approximately two-thirds of the total market value of all 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.

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. Particularinvestments 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, Matt Montemurro, and your host, Acushla Vestby, explore the evolution of the traditional bond laddering strategy—and what the next generation of target maturity bond ETFs has in store for investors.

Acushla Vestby is the Managing Director and Head of Structured Solutions & National Accounts at BMO GAM. She is joined on the podcast by Matt Montemurro, Managing Director & Head of Fixed Income & Equity Index ETFs at BMO Exchange Traded Funds. The episode was recorded live on Feb 21, 2025.

ETFs mentioned:

• BMO Target 2027 Canadian CorporateBond ETF (Ticker: ZXCO)
• BMO Target 2028 Canadian CorporateBond ETF (Ticker: ZXCP)
• BMO Target 2029 Canadian CorporateBond ETF (Ticker: ZXCQ)

Duration: A measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as number of years. The price of a bond with a longer duration would be expected to rise (fall) more than the price of a bond with lower duration when interest rates fall (rise).Liquidity: The degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price. Cash is considered to be the most liquid asset, while things like fine art or rare books would be relatively illiquid.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.Yield to maturity (YTM): The total expected return from a bond when it is held until maturity – including all interest, coupon payments, and premium or discount adjustments.

Disclaimers:

The viewpoints expressed by the speakers representtheir 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 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, 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.

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.

Volatile markets have greeted the tariff regime the Trump Administration appears intent on enacting. Ahead of a key April 2nd deadline for a wave of U.S. reciprocal trade levies to be imposed, Chris Krueger, Managing Director, Washington Research Group, TD Cowen and host Bipan Rai, BMO ETFs Strategist, discuss some of the pressing questions that investors, policymakers and markets are seeking clarity on. This episode was recorded live on March 23, 2025.

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

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

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 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.

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.

Will inflation’s sudden spike push the Bank of Canada to press pause on rate cuts? In this episode, Bipan Rai, Matt Montemurro, and your host, Erika Toth, examine Canada’s latest CPI print. They also discuss the outcome of this week’s Fed meeting, the outlook for the REITs, and fixed income positioning for the months ahead.  

The episode was recorded live on March 19, 2025.

ETFs:

• BMO Short Corporate Bond Index ETF (ZCS)
• BMO High Quality Corporate Bond Index ETF (ZQB)
• BMO Aggregate Bond Index ETF (ZAG)
• BMO Short-Term US Treasury Bond Index ETF (ZTS)
• BMO Ultra Short-Term US Bond ETF (USD Units) (ZUS.U)
• BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU)
• BMO Mid-Term US IG Corporate Bond Index ETF (ZIC)
• BMO Equal Weight REITs Index ETF (ZRE)
• BMO Laddered Preferred Share Index ETF (ZPR)

ZPR, total returns as of 2025/02/28: 1 yr: 21.95%, 3yr: 5.51%, 5 yr 9.45%, 10 yr: 3.89%, SI: 2.62%

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 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 simplified prospectus.

You cannot invest directly in an index.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” or the “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. 

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 of all 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.

Past Performance is not indicative of future results.

“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, take a deep dive into Canada’s Big Six banks, from first-quarter earnings results to Trump’s tariffs and all the key themes in between.

This episode was recorded on March 10, 2025.

ETFs:

• BMO Equal Weight Banks Index ETF (ZEB)
• BMO Covered Call Canadian Banks ETF (ZWB)
• BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB)
• BMO Equal Weight US Banks Index ETF (ZBK)
• BMO Covered Call US Banks ETF (ZWK)
• BMO SPDR Financials Select Sector Index ETF (ZXLF)
• BMO SPDR Financials Select Sector Index ETF (Hedged Units) (ZXLF.F)

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. 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 simplified prospectus.

You cannot invest directly in an index.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” or the “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.

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 of all 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.

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.

What are ETF flows telling us? In this episode, ETF Strategist Bipan Rai, and host, Erika Toth, pour over the latest industry data and provide insights on how to navigate choppy markets.

Recorded live on March 6, 2025.

ETFs:

• BMO Money Market Fund ETF Series (ZMMK)
• BMO Ultra Short-Term Bond ETF (ZST)
• BMO Aggregate Bond Index ETF (ZAG)
• BMO Core Plus Bond Fund (ZCPB)
• BMO Gold Bullion ETF (ZGLD)
• BMO All-Equity ETF (ZEQT)
• BMO MSCI EAFE High Quality Index ETF (ZIQ)
• BMO Mid-Term US Treasury Bond Index ETF (ZTM)
• BMO SPDR Health Care Select Sector Index ETF (ZXLV)
• BMO SPDR Utilities Select Sector Index ETF (ZXLU)

ZGLD, total returns as of 2025/02/28: YTD: 9.31%, SI: 43.49%

National Bank Financial Report, February 2025 

Disclaimers:

A reminder that we are not providing investment advice or recommendations, this podcast is for informational purposes only.

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 simplified prospectus.

You cannot invest directly in an index.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” or the “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.

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 of all 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.

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

Trump’s tariffs are coming—the question is: when? In this episode, ETF Strategist Bipan Rai, and host, Zayla Saunders, discuss key dates and the potential real-world implications of a prolonged trade war.

Recorded live on Feb 26, 2025.

ETFs:

• BMO Short Federal Bond Index ETF (ZFS)
• BMO Government Bond Index ETF (ZGB)
• BMO Aggregate Bond Index ETF (ZAG)
• BMO MSCI EAFE Index ETF (ZEA)
• BMO Gold Bullion ETF (ZGLD)
• BMO SPDR Health Care Select Sector Index ETF (ZXLV)
• BMO SPDR Utilities Select Sector Index ETF (ZXLU)

ZEA, total returns as of 2025/01/31: 1 yr: 17.68%, 3yr: 9.17%, 5 yr 8.10%, 10 yr: 7.00%, SI: 7.51% 

Disclaimers:

A reminder that we are not providing investment advice or recommendations, this podcast is for informational purposes only.

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. 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 simplified prospectus.

You cannot invest directly in an index.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” or the “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.

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 of all 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.

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

What are the sectoral flows into and out of the Global Industry Classification Standards, or GICS, telling us? In this episode, special guest Michael Arone, ETF Strategist Bipan Rai, and your host, Erika Toth, delve into the leaders and laggards. They also look back at historical trends and ahead for potential opportunities.

The episode was recorded live on Feb 19, 2025.

ETFs:

• BMO SPDR Industrials Select Sector Index ETF - Series ETF (ZXLI)
• BMO SPDR Consumer Discretionary Select Sector Index ETF - Series ETF (ZXLY)
• BMO SPDR Financials Select Sector Index ETF - Series ETF (ZXLF)
• BMO SPDR Technology Select Sector Index ETF - Series ETF (ZXLK)

• Read more on sector investing.

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 obtainedwith 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 simplified prospectus.

You cannot invest directly in an index.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” or the “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selected on the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published byS&P.

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 of all 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.

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

Looking to invest overseas with ease? In this episode, special guests Johan Ahlberg, Acushla Vestby, and your host, Erin Allen, explore the fundamentals of Canadian Depositary Receipts (CDRs) and how they give investors greater access to foreign markets.

Recorded live on Jan 30, 2025.

• CDR Directory
• BMO Smarter Investing Podcast

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 obtainedwith 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.

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.

An investor that purchases Units of a Structured Outcome ETF other than on the first day of a Target Outcome Period and/or sells Units of a Structured Outcome ETF prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Structured Outcome ETF for that Target Outcome Period. Both the cap and, where applicable, the buffer are fixed levels that are calculated in relation to the market price of the applicable Reference ETF and a Structured Outcome ETF’s NAV (as Structured herein) at the start of each Target Outcome Period. As the market price of the applicable Reference ETF and the Structured Outcome ETF’s NAV will change over the Target Outcome Period, an investor acquiring Units of a Structured Outcome ETF after the start of a Target Outcome Period will likely have a different return potential than an investor who purchased Units of a Structured Outcome ETF at the start of the Target Outcome Period. This is because while the cap and, as applicable, the buffer for the Target Outcome Period are fixed levels that remain constant throughout the Target Outcome Period, an investor purchasing Units of a Structured Outcome ETF at market value during the Target Outcome Period likely purchase Units of aStructured Outcome ETF at a market price that is different from the Structured Outcome ETF’s NAV at the start of the Target Outcome Period (i.e., the NAV that the cap and, as applicable, the buffer reference). In addition, the market price of the applicable Reference ETF is likely to be different from the price of that Reference ETF at the start of the Target Outcome Period. To achieve the intended target outcomes sought by a Structured Outcome ETF for a Target Outcome Period, an investor must hold Units of the Structured Outcome ETF forthat entire Target Outcome Period.

BMO Buffer ETFs seeks to provide income and appreciation that match the return of a Reference Index up to a cap (before fees, expenses and taxes), while providing a buffer against the first 15% (before fees, expenses and taxes) of a decrease in the Reference Index over a period of approximately one year, starting from the first business day of the stated outcome period.

An investment in CDRs issued by BMO may not be suitable for all investors. Important information about theseinvestments is contained in the short form base shelf prospectus and prospectus supplement for each series of CDRs (together, the “Prospectus”). Purchasers are directed to www.sedarplus.ca or to bmogam.com to obtain copies of the Prospectus and related disclosure before purchasing CDRs.

Each series of CDRs is only offered to investors in Canada in accordance with applicable laws and regulatory requirements.

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