BMO ETFs: Views from the Desk

Today, we have a special treat for our listeners—a deep dive episode of the BMO Smarter Investing podcast. Join Kevin Prins and your host, Erin Allen, as they delve into the transformative world of asset allocation ETFs. Discover their growth, benefits, and how they simplify investing for both novice and seasoned investors. 

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ETFs mentioned:

• BMO All-Equity ETF (ZEQT)
• BMO Growth ETF (ZGRO)
• BMO Balanced ETF (ZBAL)
• BMO Asset Allocation ETFs

Erin Allen is Director of Online Distribution at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Kevin Prins, Managing Director, Head of ETFs and Digital Distribution at BMO GAM. This episode was first published on BMO Smarter Investing on September 22, 2025.

Disclaimers:

The opinions and views expressed in this presentation are those of the presenter and not necessarily BMO InvestorLine Inc. This presentation is prepared as a general source of information and is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If legal or investment advice or other professional assistance is needed, the services of a competent professional should be obtained. Any information contained in this presentation does not constitute and shall not be deemed to constitute advice, an offer to sell/ purchase or as an invitation or solicitation to do so for any entity. The content of this presentation is based on sources believed to be reliable, but its accuracy cannot be guaranteed. BMO InvestorLine Inc. and its affiliates, sponsors and employees do not accept responsibility for the content and makes no representation as to the accuracy, completeness or reliability of the content and hereby disclaims any liability with regards to the same.

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

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

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

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

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

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

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

What exactly are long-shorts? And how do they differ from traditional ETFs? In this episode, special guest Lu Lin and host, Erika Toth, delve into the popular alternative strategy, answering frequently asked questions on benefits, portfolio construction, and more.

Erika Toth is Director, Institutional & Advisory at BMO Global Asset Management (BMO GAM). Lu Lin is Head of Quantitative Investments at BMO GAM. Recorded live on Oct 1, 2025.

ETFs mentioned in the podcast:

• BMO Long Short US Equity ETF (ZLSU)
• BMO Long Short Canadian Equity ETF (ZLSC)
• BMO S&P 500 Index ETF (ZSP)
• BMO S&P/TSX Capped Composite Index ETF (ZCN)
• BMO Low Volatility Canadian Equity ETF (ZLB)
• BMO Low Volatility US Equity ETF (ZLU)

ZLSU, total returns as of 2025/08/31: 1 yr: 18.00%, SI: 22.53%ZLSC, total returns as of 2025/08/31: 1 yr: 13.25%, SI: 20.61%

ZLSU & ZLSC Inception date: Sep 27, 2023ZSP, total returns as of 2025/08/31: 1 yr: 17.79%, 3 yr: 20.93%, 5 yr: 15.56%, 10 yr: 14.67%

ZCN, total returns as of 2025/08/31: 1 yr: 25.76%, 3 yr: 17.40%, 5 yr: 14.92%, 10 yr: 10.79%

Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Usually, the market has a beta of 1.0. Stocks with betas higher than 1.0 are interpreted as more volatile than the market, and stocks with betas lower than 1.0 are interpretedas less volatile than the market.

Risk: All investments involve risk. The value of an ETF can go down as well as up and you could lose money. The risk of an ETF is rated based on the volatility of the ETF’s returns using the standardized risk classification methodology mandated by the Canadian Securities Administrators. Historical volatility doesn’t tell you how volatile an ETF will be in the future. An ETF with a risk rating of ​“low” can still lose money. For more information about the risk rating and specific risks that can affect an ETF’s returns, see the BMO ETFs’ prospectus. 

Sharpe Ratio: A risk-adjusted return measure calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

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. 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.

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.

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.

Central banks have been the biggest source of demand for bullion in recent years, however, that is shifting as new entrants alter the balance of power. Daniel Ghali of TD Securities joins Bipan to discuss current market dynamics, as well as the outlook for silver and copper. This episode was recorded live on September 30, 2025.

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

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

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

Disclaimers:

This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results.

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

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

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

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

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

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

In this episode, special guest Valerie Grimba and your host, Danielle Neziol, take a deep dive into the Canadian equity market. They compare it to other regions, drill down on key currency questions, and discuss three main areas Canadians are investing their loonies, according to recent data.  

Danielle Neziol is Vice President of Direct Distribution at BMO Global Asset Management. She is joined on thepodcast by Valerie Grimba, Director, Global ETF Strategy at RBC Capital Markets. The episode was recorded live the week of September 19, 2025.

ETFs mentioned in the podcast:

• BMO S&P/TSX Capped Composite Index ETF (Ticker: ZCN)     
• BMO Low Volatility Canadian Equity ETF (Ticker: ZLB)
• BMO Money Market Fund ETF Series (Ticker: ZMMK)
• BMO Ultra Short-Term Bond ETF (Ticker: ZST)
• BMO Equal Weight Global Gold Index ETF (Ticker: ZGD)
• BMO Equal Weight Banks Index ETF (Ticker: ZEB)
• BMO S&P 500 Hedged to CAD Index ETF (Ticker: ZUE)
• BMO S&P 500 Index ETF (Ticker: ZSP)

ZCN, total returns as of 2025/08/31: 1 yr: 25.76%, 3yr: 17.40%, 5 yr 14.92%, 10 yr: 10.79%, SI: 9.06%

ZUE, total returns as of 2025/08/31: 1 yr: 13.77%, 3yr: 17.54%, 5 yr 13.12%, 10 yr: 12.86%, SI: 13.33%

ZSP, total returns as of 2025/08/31: 1 yr: 17.79%, 3yr: 20.93%, 5 yr 15.56%, 10 yr: 14.67%, SI: 17.46%

ZGD, total returns as of 2025/08/31: 1 yr: 88.03%, 3yr: 54.48%, 5 yr 16.31%, 10 yr: 19.37%, SI: 7.78%

Source for ETF Flows: National Bank Report, August 2025.

Gold is up 40% year-to-date, as of September 19, 2025.

TSX is up 19% year-to-date, as of September 19, 2025.

ADV: Average Daily Volume

Alpha: A measure of performance often considered the active return on an investment.

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. 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.

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 notguaranteed and are subject to change and/or elimination.

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

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

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

Slack is building in multiple areas of the Canadian economy, while immigration trends that were supporting growth are now reversing. Robert Kavcic, senior economist with BMO Capital Markets joins Bipan to explore the macro themes impacting inflation, the housing market and broader economic backdrop now through next year. This podcast was recorded live on September 22, 2025.

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

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

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

Disclaimers:

This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results.

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

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

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

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

BMO 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.

Investors face the conundrum of a U.S. equity market that continues to move higher yet a U.S. dollar headed in the opposite direction, presenting a potential drag on total returns of U.S. assets. Bipan Rai, Managing Director of ETF and Alternatives Strategy for BMO Global Asset Management joins host Zayla Saunders to discuss strategies to shield portfolios from FX risk not just from a weaker U.S. dollar but global exposures. The episode was recorded live on Tuesday, September 16, 2025.

Funds mentioned:

BMO SPDR Technology Select Sector Index ETF – Hedged Units (Ticker: ZXLK.F)

BMO SPDR Communication Services Select Sector Index ETF – Hedged Units (Ticker: ZXLC.F)

BMO SPDR Utilities Select Sector Index ETF – Hedged Units (Ticker: ZXLU.F)

Disclaimers:

The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained 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.

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

This podcast is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

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

Will it be another record-breaking year for Canadian ETF inflows? In this episode, Bipan Rai, Matt Montemurro, and your host, Erika Toth, delve into the latest industry data, exploring the seasonality of flows, currency hedging, fixed income positioning, a slight sector rotation, and a whole lot more.  

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

ETFs:

• BMO MSCI EAFE Index ETF (ZEA)
• BMO S&P 500 Index ETF (ZSP)
• BMO Aggregate Bond Index ETF (ZAG)
• BMO US Aggregate Bond Index ETF (ZUAG)
• BMO High Quality Corporate Bond Index ETF (ZQB)
• BMO Short Corporate Bond Index ETF (ZCS)
• BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU)
• BMO SPDR Communication Services Select Sector Index ETF (Hedged Units) (ZXLC.F)

• BMO SPDR Technology Select Sector Index ETF (ZXLK)
• BMO Equal Weight Industrials Index ETF (ZIN)
• BMO Junior Gold Index ETF (ZJG)
• BMO Conservative ETF (ZCON)
• BMO Balanced ETF (ZBAL)
• BMO Growth ETF (ZGRO)
• BMO All-Equity ETF (ZEQT)
• BMO Monthly Income ETF (ZMI)
• BMO Gold Bullion ETF (ZGLD)
• BMO Covered Call Spread Gold Bullion ETF (ZWDG)
• BMO Equal Weight Global Gold Index ETF (ZGD)

Source for ETF Flows: National Bank Report, August 2025.

IEEPA: International Emergency Economic Powers Act

FOMC: Federal Open Market Committee

Tactical vs Strategic asset allocations: tactical calls seek to exploit short-term opportunities while strategic ones focus on one's long-term investment goals and risk profile.

SPIVA data

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 construedas, 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 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 suchstatements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-lookingstatements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.

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-tradedfunds are not guaranteed, their values change frequently and past performance may not be repeated.

 For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.

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

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

Central bank policy decisions amid mixed economic data loom large over North American credit markets this fall. Vishang Chawla, portfolio manager, active fixed income, joins Bipan to discuss key differences between Canadian and U.S. investment-grade and high yield bond market dynamics, and how slowing growth and inflation risks are affecting each. This podcast was recorded live on September 9, 2025.

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

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

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

Disclaimers:

This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results.

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

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

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

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

BMO 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.

Last quarter, our mantra was “the best offence is a good defence.” Does it still make sense in today’s environment? In this episode, special guest Sohrab Movahedi, ETF and Alternatives Strategist Bipan Rai, and your host, Skye Collyer, provide a third-quarter update on the Big Six, discussing recent earnings results, key themes to watch, and their outlook for the months ahead.

Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management. She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds, at BMO Global Asset Management, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. This episode was recorded on Tuesday, September 2, 2025.

ETFs mentioned in the podcast:

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

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

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

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

USMCA: The United States-Mexico-Canada Agreement

BMO has the largest and most liquid bank ETFs in Canada with a combined AUM (Assets Under Management) of $7.6 billion. AUM Flows, Performance source Bloomberg,as of July 31, 2025.

Disclaimers:

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

The viewpoints expressed by the speakers represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. Theinformation contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance. Past performance is no guarantee of future results.

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider theareas of risk described in the most recent 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 marketvalue and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.

BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and aportfolio 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.

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.

The early autumn has been accompanied in recent years by broad market weakness and heightened volatility, and this September appears to be no exception. Bipan looks at what’s driving the phenomenon, as well as other macro factors currently impacting financial markets. This episode was recorded live on September 2, 2025.

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

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

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

Disclaimers:

This podcast is for informational or educational purposes only and does not provide investment advice or recommendations. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Particular investments and/or trading strategies should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

The viewpoints expressed represent their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. This communication is intended for informational purposes only.

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

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. The indicated rates of return are the historical annual compounded total returns including changes in share or 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 securityholder that would have reduced returns. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

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.