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.

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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.

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