BMO ETFs: Views from the Desk

In this special episode, Sohrab Movahedi, Chris Heakes and Daniel Stanley discuss the first quarter earnings from Canada’s “Big Six,” breaking down the recent results and the macro trends impacting markets. They also examine rising loan-loss provisions and commercial real estate and look back on the U.S. regional banking crisis a year after it began.

Daniel Stanley is an ETF Specialist at BMO Global Asset Management. He is joined on the podcast by Chris Heakes, Portfolio Manager and ETF Specialist, BMO Global Asset Management and Sohrab Movahedi, Managing Director, Financials Research, BMO Capital Markets. This episode was recorded on Thursday, March 7, 2024.

ETFs mentioned in the podcast:

BMO Equal Weight Banks Index ETF (Ticker: ZEB)

BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

BMO Canadian Bank Income Index ETF (Ticker: ZBI)

BMO Canadian Bank Accelerator ETF (Ticker: ZEBA)

BMO Equal Weight US Banks Hedged to CAD Index ETF (Ticker: ZUB)

BMO Equal Weight US Banks Index ETF (Ticker: ZBK)

 

ZEB, total returns as at 2024/02/29: 1yr: 2.61%, 3yr: 8.44%, 5yr: 8.41%, 10yr: 9.17%, SI: 10.08%

ZBI, total returns as at 2024/02/29: 1yr: 7.13%, 2yr: 1.06%, SI: 0.65%

ZAG, total returns as at 2024/02/29: 1yr: -1.77%, 3yr: -2.25, 5yr: 0.56%, 10yr: 1.79%, SI: 2.59%

ZUB, total returns as at 2024/02/29: 1yr: -11.38%, 3yr: -4.79, 5yr: 0.65%, 10yr: 4.53%, SI: 5.78%

ZUB was up 39.29% from March 17, 2023 to March 7, 2024. Bloomberg and BMO Global Asset Management.

Disclosure:

Annualized Distribution Yield: This yield is calculated by taking the most recent regular distribution, or expected distribution, (excluding additional year end distributions) annualized for frequency, divided by current NAV. The yield calculation does not include reinvested distributions.

Weighted Average Yield to Maturity: The market value weighted average yield to maturity includes the coupon payments and any capital gain or loss that the investor will realize by holding the bonds to maturity.

The viewpoints expressed by the Portfolio Manager 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.

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.

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

The Bank of Canada kept its benchmark rate at 5% for the fifth consecutive time, saying it’s “too early” for cuts. In today’s episode, Portfolio Managers Omanand Karmalkar, Matt Montemurro, and your host, Erika Toth, examine the dynamics of inflation and explore what the future could hold. They also discuss tailwinds in the Utilities sector, a barbell strategy to add duration, and Japan’s market outlook.

Erika Toth is a Director of ETF Distribution at BMO ETFs. She is joined on the podcast by Omanand Karmalkar and Matt Montemurro, Portfolio Managers and ETF Specialists at BMO Global Asset Management. The episode was recorded live on Wednesday, March 6, 2024.

ETFs mentioned in the podcast:

BMO Covered Call Utilities ETF (Ticker: ZWU)

BMO Equal Weight Utilities Index ETF (Ticker: ZUT)

BMO Aggregate Bond Index ETF (Ticker: ZAG)

BMO Ultra Short-Term Bond ETF (Ticker: ZST)

BMO Long Federal Bond Index ETF (Ticker: ZFL)

BMO Japan Index ETF (Hedged Units) (Ticker: ZJPN.F)

BMO Japan Index ETF (Ticker: ZJPN)

BMO MSCI EAFE Index ETF (Ticker: ZEA)

ZWU, total returns as at 2024/02/29: 1yr: -2.09%, 3yr: 2.59%, 5yr: 2.19%, 10yr: 3.19%, SI: 3.71%

ZUT, total returns as at 2024/02/29: 1yr: -8.56%, 3yr: -3.74%, 5yr: 6.00%, 10yr: 6.75%, SI: 6.27%

ZST, total returns as at 2024/02/29: 1yr: 5.37%, 3yr: 2.53%, 5yr: 2.26%, 10yr: 1.88%, SI: 1.95%

Nikkei hit a record high on Feb 22, 2024.

Disclosure:

Annualized Distribution Yield: This yield is calculated by taking the most recent regular distribution, or expected distribution, (excluding additional year end distributions) annualized for frequency, divided by current NAV. The yield calculation does not include reinvested distributions.

Weighted Average Yield to Maturity: The market value weighted average yield to maturity includes the coupon payments and any capital gain or loss that the investor will realize by holding the bonds to maturity.

The viewpoints expressed by the Portfolio Manager 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.

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.

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

BMO MSCI USA High Quality Index ETF (Ticker: ZUQ)

BMO Nasdaq 100 Equity Hedged to CAD Index ETF (Ticker: ZQQ)

BMO Nasdaq 100 Equity Index ETF (Ticker: ZNQ)**

BMO Covered Call Technology ETF (Ticker: ZWT)

BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

BMO Canadian Bank Accelerator ETF (Ticker: ZEBA)

BMO Equal Weight Banks Index ETF (Ticker: ZEB)

BMO Low Volatility US Equity ETF (Ticker: ZLU)

**ZNQ-Changes in rates of exchange may also reduce the value of your investment.

ZWT, total returns as at 2024/01/31: 1yr: 58.84%, 3yr: 15.45%, SI: 14.45%

ZUQ–IT is 37.67%, as of Feb 29, 2024.

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

An investor that purchases Units of a Structured Outcome ETF other than at starting NAV 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 a Structured 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 for that entire Target Outcome Period.

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

Canada’s inflation rate fell within the Bank of Canada’s target range, easing to 2.9% in January. With potential rate cuts on the horizon, portfolio managers Chris McHaney, Chris Heakes, and your host, Mckenzie Box, make a case for duration and discuss how to manage reinvestment risk. They also explore long-short equity strategies and share their top picks for sectors and factors.

The episode was recorded live on Wednesday, February 21, 2024.

ETFs mentioned in the podcast:

BMO Aggregate Bond Index ETF (Ticker: ZAG)

BMO Short Corporate Bond Index ETF (Ticker: ZCS)

BMO Long Short Canadian Equity ETF (Ticker: ZLSC)

BMO Long Short US Equity ETF (Ticker: ZLSU)

BMO Global Infrastructure Index ETF (Ticker: ZGI)

BMO Equal Weight REITs Index ETF (Ticker: ZRE)

BMO Low Volatility Canadian Equity ETF (Ticker: ZLB)

BMO MSCI USA High Quality Index ETF (Ticker: ZUQ)

BMO International Dividend Hedged to CAD ETF (Ticker: ZDH)

BMO Europe High Dividend Covered Call Hedged to CAD ETF (Ticker: ZWE)

Click here for more information on ZLB's Fund Grade Award.

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

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 BMO ETFs or securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs.

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

For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.

BMO ETFs are managed by BMO Asset Management Inc., 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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

ETFs mentioned in the podcast:

BMO Equal Weight Utilities Index ETF (Ticker: ZUT)

BMO Equal Weight REITs Index ETF (Ticker: ZRE)

BMO Low Volatility Canadian Equity ETF (Ticker: ZLB)

BMO MSCI USA High Quality Index ETF (Ticker: ZUQ)

BMO Short-Term US TIPS Index ETF (Hedged Units) (Ticker: ZTIP)

ZJAN - BMO US Equity Buffer Hedged to CAD ETF – January (Ticker: ZJAN)

ZOCT - BMO US Equity Buffer Hedged to CAD ETF – October (Ticker: ZOCT)

BMO Equal Weight US Banks Index ETF (Ticker: ZBK)

BMO Equal Weight US Banks Hedged to CAD Index ETF (Ticker: ZUB)

BMO Covered Call US Banks ETF (Ticker: ZWK)

BMO Covered Call Technology ETF (Ticker: ZWT)

BMO Global High Dividend Covered Call ETF (Ticker: ZWG)

BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

ZUT, total returns as at 2024/01/31: 1yr: -9.70%, 3yr: -14.39%, 5yr: 42.45% Since Inception (SI): 142.72%

ZRE, total returns as at 2024/01/31: 1yr: -8.44%, 3yr: 11.09%, 5yr: 19.40% SI: 178.50%

ZWG, total returns as at 2024/01/31: 1yr: 10.18%, 3yr: 27.03%, SI: 28.88%

ZWT, total returns as at 2023/10/31: 1m: 1.92%, 3m: -1.23%, 6m: 18.07%, YTD: 47.60%, 1yr: 45.60%, SI 8.62%

ZWT, total returns as at 2024/01/31: 1yr: 58.84%, 3yr: 53.87%, SI: 50.51%

XNDXCAD INDEX, total returns as at 2023/10/31: 1m: 0.59%, 3m: -3.34%, 6m: 11.81%, YTD: 35.87%, 1yr: 29.71%, SI 6.60%

Since 2010, 90% of the time the market is down over a one-year period, it has been down less than 15%. Source: Bloomberg as of June 30, 2023

Put spread: When an investor buys a put option on a strike and simultaneously sells another put option with a lower strike of the same expiry

Out-of-the-money (OTM): When the underlying asset’s market price is lower than the strike price for a call option.

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

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 investor that purchases Units of a Structured Outcome ETF other than at starting NAV 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. 

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

In this deep-dive episode, Portfolio manager Chris McHaney, and your host, McKenzie Box, delve into Buffer ETFs—starting with the fundamentals, including how they work and where they fit into portfolios. They also provide comprehensive scenarios for various market conditions.

The episode was recorded live on Wednesday, February 7, 2024.

ETFs mentioned in the podcast:

ZJAN - BMO US Equity Buffer Hedged to CAD ETF – January (Ticker: ZJAN)

ZOCT - BMO US Equity Buffer Hedged to CAD ETF – October (Ticker: ZOCT)

Visit the BMO ETF Centre

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

An investor that purchases Units of a Structured Outcome ETF other than at starting NAV 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 a Structured 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 for that entire Target Outcome Period.

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

The Federal Reserve left rates unchanged on Wednesday—hinting cuts aren’t coming soon. In today’s U.S.-centric episode, portfolio managers Winnie Jiang, Chris McHaney, and your host, Erika Toth, analyze the latest economic data. They also discuss the upcoming presidential election, fixed income positioning and factor exposures.

Erika Toth is a Director of ETF Distribution at BMO ETFs. She is joined on the podcast by Winnie Jiang and Chris McHaney, Portfolio Managers and ETF Specialists at BMO Global Asset Management. The episode was recorded live on Wednesday, January 31, 2024.

ETFs mentioned in the podcast:

BMO Ultra Short-Term Bond ETF (Ticker: ZST)

BMO Long Federal Bond Index ETF (Ticker: ZFL)

BMO Aggregate Bond Index ETF (Ticker: ZAG)

BMO US Dividend ETF (Ticker: ZDY)

BMO Low Volatility US Equity ETF (Ticker: ZLU)

Visit the BMO ETF Centre

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

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. 

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

In the Bank of Canada’s latest announcement, the tone seems to have shifted in a new direction. In today’s episode, portfolio managers Matt Montemurro, Chris Heakes, and your host, McKenzie Box, explore what’s next for monetary policy. They also discuss Tech stocks, volatility and what another Trump term could mean for markets.

McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Matt Montemurro, and Chris Heakes, Portfolio Managers and ETF Specialists at BMO Global Asset Management. The episode was recorded live on Wednesday, January 24, 2024.

ETFs mentioned in the podcast:

BMO Covered Call Technology ETF (Ticker: ZWT)

BMO Ultra Short-Term Bond ETF (Ticker: ZST)

BMO Short Corporate Bond Index ETF (Ticker: ZCS)

BMO Aggregate Bond Index ETF (Ticker: ZAG)

BMO Long Federal Bond Index ETF (Ticker: ZFL)

BMO Long-Term US Treasury Bond Index ETF (Ticker: ZTL)

BMO Equal Weight US Banks Hedged to CAD Index ETF (Ticker: ZUB)

BMO Equal Weight Industrials Index ETF (Ticker: ZIN)

Visit the BMO ETF Centre

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

Despite turbulent markets in 2023, the ETF industry continues to thrive, providing Canadian Investors with new options for growth. Portfolio manager Alfred Lee and your host, McKenzie Box, take a deep dive into the themes driving demand and the benefits ETFs have to various user types. Read the episode summary.

McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. The episode was recorded live on Wednesday, January 17, 2024.

BMO ETF 2024 Industry Outlook Report

Visit the BMO ETF Centre

*The Advisor industry is largely moving toward a service-oriented model using managed money, which ETFs are a natural solution for. Read more in our industry outlook linked above.

Disclosure:

The viewpoints expressed by the Portfolio Manager 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.

The Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by the Manager. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Manager. The ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

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

For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.

BMO ETFs are managed by BMO Asset Management Inc., 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.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

In this episode, the team discusses the latest quarterly Portfolio Strategy Report (QSR) and Fixed Income Strategy Report (FISR), which examine interest rate expectations, the Technology sector, U.S. and Canadian banks, a barbell strategy to add duration, and portfolio positioning for 2024. The episode was recorded live on Thursday, December 21, 2023.

BMO ETF Portfolio Strategy Report – Q1 2024

BMO ETF Fixed Income Strategy Report – Q1 2024

Disclosure:

*Mega cap technology names are less exposed to interest rates and have the potential to perform well despite rate cuts. Large cap tech names, such as the ones in ZWT, outperformed the market S&P 500 as interest rate expectations went down in 2023, BMO Global Asset Management and Bloomberg.

**Comparing ZLU to ZSP in 2022 via Bloomberg, low volatility performed well.

Forward P/E ratio = The forward price to earnings ratio is the ratio for valuing a company that measures its current share price relative to its forecasted per-share earnings (EPS).

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