In this episode, ETF Strategist Bipan Rai, and your host, Erin Allen, unpack the growing tensions between U.S. President Donald Trump and Fed Chair Jerome Powell, touching on how political pressures could reshape monetary policy expectations and sector performance—and what it all means for investors.

Erin Allen is a Director of Direct Distribution at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM. The episode was recorded live on July 23, 2025.

Funds:

• BMO SPDR Utilities Select Sector Index ETF (Ticker: ZXLU)
• BMO Equal Weight Industrials Index ETF (Ticker: ZIN)

Disclaimers:

Please visit for full disclaimers

The viewpoints expressed by the speakers representtheir assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information contained herein is not, and should not be construed as investment, tax or legal advice to any party.Particular investments and/or trading strategies should be evaluated 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 relyunduly 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.

You cannot invest directly in an index.

The S&P Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use bythe 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 andsublicensed 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 theadvisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.

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.