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

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

ETFs:

• BMO USD Cash Management ETF (ZUCM)

• BMO Global Infrastructure Index ETF (ZGI)

• BMO Gold Bullion ETF (ZGLD)

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

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

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

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

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

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

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

Disclaimers:

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