BMO ETFs: Views from the Desk

Why are pensions, insurers and family offices increasingly turning to ETFs—not just tactically, but at the core of portfolio construction? Bipan Rai sits down with Daniel Stanley, head of institutional sales and services at BMO Global Asset Management, to discuss liquidity, “portable alpha”, fixed income ETFs and how institutions are revising the active-versus-passive debate. This podcast was record on May 27, 2026.

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 informational or educational purposes only. No part of this presentation may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM).

The information contained herein is not, and should not 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 prospectus.

Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

In this episode, host Zayla Saunders and guest Sheldon Quan King from MSCI Canada explore why index choice is itself an investment decision—from how index construction methodology shapes investor outcomes, to the case for international small and mid cap equities, and the growing role of equal weight strategies in reducing concentration risk.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Sheldon Quan King, Vice President, Indexed Investments at MSCI. This episode was recorded live on Friday, May 22, 2026.

ETFs mentioned:

· BMO MSCI EAFE Small-Mid Cap Index ETF (Ticker: ZESM)

· BMO MSCI USA Equal Weight Index ETF (Ticker: ZEQL)

Sources:

ETF Flows, according to the National Bank Report, February 2026

‘Factor Models at 50: Innovation that Changed Investing,’ MSCI, October 1, 2025

Disclaimers:

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. 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. 

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.

This communication may contain links to other sites that BMO Global Asset Management (BMO GAM) does not own or operate. Any content from or links to a third-party website are not reviewed or endorsed by BMO GAM. Investors use any external websites or third-party content at their own risk. Accordingly, BMO GAM disclaims any responsibility for them.

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

In this episode, Erika Toth and Hilly Cutler sit down with host Zayla Saunders to break down the rise of asset allocation ETFs in Canada: from their origins and evolution over the past decade to the fee innovations, flow trends, and real-world portfolio use cases shaping the space today.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Erika Toth, Director and Head of ETF and Portfolio Consulting at BMO GAM, and Hilly Cutler, Director of Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. This episode was recorded live on Friday, May 15, 2026.

ETFs mentioned:

• BMO Asset Allocation ETFs

• BMO Monthly Income ETF (Ticker: ZMI)

• BMO Balanced ETF (Ticker: ZBAL)

• BMO Growth ETF (Ticker: ZGRO)

• BMO Conservative ETF (Ticker: ZCON)

• BMO Balanced ESG ETF (Ticker: ZESG)

• BMO All-Equity ETF (Ticker: ZEQT)

• BMO Balanced ETF (Target Cash Flow Units) (Ticker: ZBAL.T)

• BMO Growth ETF (Target Cash Flow Units) (Ticker: ZGRO.T)

• BMO All-Equity ETF (Target Cash Flow Units) (Ticker: ZEQT.T)

Sources:

ETF Flows, according to the National Bank Report, February 2026

SPIVA Canada Year-End 2025 Scorecard

Press Release - June 2, 2025 - BMO Lowers Fees on Asset Allocation ETFs to Deliver Greater Value to Investors

Un FNB qui fait mieux que la Caisse à un tiers du coût, La Presse, 2 mars 2025.

T Series - Target Cash Flow Units of BMO ETFs: The Target Cash Flow Units of certain BMO ETFs are designed to provide investors with a monthly distribution based on a target annual distribution rate (not to be confused with “yield”) which is based on the NAVPS at the end of the prior year, or in the case of a newly created series, based on a target annualized distribution rate which is based on the initial starting NAVPS.

Disclaimers:

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.

Commissions, management fees and expenses all may be associated with investments in exchange-traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. The indicated rates of 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.

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

Canadian investors are facing a complicated macro setup: a softer labour market, sticky inflation risks, tariff uncertainty and a bond market still trying to price the Bank of Canada’s next move. In this episode, Bipan is joined by TD Securities’ Andrew Kelvin to unpack what the latest data means for portfolios, discuss the rates outlook, yield curve, fixed income currency risk and more. This podcast was recorded on Tuesday, May 12, 2026.

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 informational or educational purposes only. No part of this presentation may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM).

The information contained herein is not, and should not 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 prospectus.

Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

In this episode, Hilly Cutler joins host Zayla Saunders to unpack what ETF flows are revealing as we move through 2026 — the shift toward low-cost indexing, which Canadian sectors are leading the charge, and how rising yields are reshaping the bond landscape.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Hilly Cutler, Director of Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. This episode was recorded live on Monday, May 11, 2026.

ETFs mentioned:

· BMO Gold Bullion ETF (Ticker: ZGLD)

· BMO Broad Commodity ETF (Ticker: ZCOM) 

Source: ETF Flows, according to the National Bank Report, February 2026

Emerging markets: Major economies and many smaller countries such as China, India, Brazil, South Korea, Taiwan, and South Africa.

Disclaimers:

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.

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

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and aseparate 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.

Both the Bank of Canada and the U.S. Federal Reserve held rates steady last week — but the real story was in the details. In this episode, Saakshi Mehta and host, Zayla Saunders, unpack the messaging behind the holds, what the Fed's newleadership could mean for markets, and why a 60-20-20 portfolio approach is worth a closer look right now.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Saakshi Mehta, Vice President, ETF & Alternative Strategy at BMO GAM. This episode was recorded live on Monday, May4, 2026.

ETFs mentioned:

· BMO Short Federal Bond Index ETF (Ticker: ZFS)

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

Sources:

ETF Flows, according to the National Bank Report, February 2026

Macro Notes - Fed and BoC on Hold

CPI: Consumer Price Index

The Fed: The U.S. Federal Reserve Board

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 isstandard deviation.

Disclaimers:

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors shouldcarefully consider the areas of risk described in the most recent prospectus.

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

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

The federal deficit came in better than expected for fiscal 2025-26, but the path forward remains wide. Robert Kavcic,senior economist with BMO Capital Markets joins Bipan to break down the 2026 Spring Economic Update, including how Ottawa used its extra fiscal room, what the new sovereignwealth fund could mean in practice, and how Canada's fiscal position stacks up against its G7 peers. This podcast was recorded on May 1, 2026.

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 informational or educational purposes only. No part of this presentation may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM).

The information contained herein is not, and should not 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 prospectus.

Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

In this episode, host Zayla Saunders sits down with Roxane Lapenna to break down the mechanics behind the covered call ETF shelf: from option premium and cash flow generation to the realities of NAV erosion and what it all means for your portfolio.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Roxane Lapenna, Head of Retail Investment Specialists at BMO GAM. This episode was recorded live on April 27, 2026.

ETFs mentioned:

· BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

· BMO Covered Call Canadian Banks ETF (Target Cash Flow Units) (Ticker: ZWB.T)

Sources:

ETF Flows, according to the National Bank Report, February 2026

BMO launched the first covered call strategy in Canada in 2011 (BMO CoveredCall Canadian Banks ETF - ZWB): BMO News, February 3, 2011

Press Release - February 12, 2026 - BMO Expands ETF Lineup with New Target Cash Flow Units

Distribution Yield: The most recent regular distribution, or expected distribution, (excluding additional year end distributions) annualized for frequency, divided by currentnet asset value (NAV).

At-the-money: Having a strike price that is equal to the current market price of the underlying holding.

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

T Series - Target Cash Flow Units of BMO ETFs: The Target Cash Flow Units of certain BMO ETFs are designed to provide investors with a monthly distribution based on a target annual distribution rate (not to be confused with “yield”) which is based on the NAVPS at the end of the prior year, or in the case of a newly created series, based on a target annualized distribution rate which is based on the initial starting NAVPS.

Disclaimers: 

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statementsare not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.

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

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

Private credit is under pressure—but how concerned should investors be? Bipan is joined by Mark Jarosz, head of credit alternatives at BMO Global Asset Management, to break down default data, liquidity and retail flows. They explore why institutional capital remains steady, how today’s market differs from the Global Financial Crisis, and what’s actually driving volatility beneath the headlines. This podcast was recorded on April 22, 2026.

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 informational or educational purposes only. No part of this presentation may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, recording or otherwise, without the written permission of BMO Investments Inc. or BMO Asset Management Inc. (collectively, BMO GAM).

The information contained herein is not, and should not 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 prospectus.

Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds and ETFs. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the ETF facts, fund facts or prospectus of the relevant mutual fund or ETF before investing. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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

In this episode, Matt Montemurro joins host Zayla Saunders to pull back the curtain on BMO’s asset allocation ETF suite —from benchmark methodology and portfolio construction to the tax efficiency decisions often overlooked by everyday investors.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Matt Montemurro, Head of Fixed Income and Equity Index ETFs at BMO GAM. This episode was recorded live on April 17, 2026.

ETFs mentioned:

· BMO Asset Allocation ETFs

· BMO S&P 500 Index ETF (ZSP) 

· BMO S&P/TSX Capped Composite Index ETF (ZCN) 

· BMO MSCI EAFE Index ETF (ZEA)

· BMO Balanced ETF (ZBAL)

· BMO Conservative ETF (ZCON) 

· BMO Growth ETF (ZGRO)

· BMO All-Equity ETF (ZEQT) 

· BMO MSCI All Country World High Quality Index ETF (ZGQ)

· BMO S&P US Mid Cap Index ETF (ZMID)

· BMO S&P US Small Cap Index ETF (ZSML)

· BMO MSCI Emerging Markets Index ETF (ZEM)

· BMO Discount Bond Index ETF (ZDB) 

· Fixed Income ETFs

· BMO US Aggregate Bond Index ETF (ZUAG)

· BMO US Aggregate Bond Index ETF (Hedged Units) (ZUAG.F) 

· BMO Aggregate Bond Index ETF (ZAG) 

Sources:

ETF Flows, according to the National Bank Report, February 2026

Press Release - June 2, 2025 - BMO Lowers Fees on Asset Allocation ETFs to Deliver Greater Value to Investors

Disclaimers:

Please visit for full disclaimers

This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to anycircumstance.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus. 

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. 

You cannot invest directly in an index. 

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

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

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

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