Where should investors be looking abroad? In this deep dive episode, Bipan Rai, Johan Ahlberg, and host Erika Toth put international equities under the microscope. They explore trends in recent flows data, ways to diversify outside of Canada with ETFs and CDRs, and the outlook for the months ahead.

Erika Toth is Director, Institutional & Advisory, Eastern Canada at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, ETFs at BMO GAM and Johan Ahlberg, Director, Development & Strategic Advisory, Structured Solutions at BMO GAM. Recorded live on Oct 22, 2025.

ETFs:

• BMO MSCI EAFE Index ETF (ZEA)
• BMO MSCI China Selection Equity Index ETF (ZCH)
• BMO MSCI Emerging Markets Index ETF (ZEM)
• BMO MSCI EAFE High Quality Index ETF (ZIQ)
• BMO All-Equity ETF (ZEQT)

• CDR Directory

ZEA is Canada’s largest EAFE ETF, National Bank Report, Sept 30, 2025.

Flows data, National Bank report, Sept 30, 2025.

ZEQT allocations as of Oct 22, 2025.

Disclaimers:

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Changes in rates of exchange may also reduce the value of your investment.

An investment in Canadian depositary receipts (“CDRs”) issued by Bank of Montreal (“BMO”) may not be suitable for all investors. Important information about these investments is contained in the short form base shelf prospectus and prospectus supplement for each series of CDRs (together, the “Prospectus”). Purchasers are directed to www.sedarplus.ca or to bmogam.com to obtain copies of the Prospectus and related disclosure before purchasing CDRs.

Each series of CDRs relates to a single class of equity securities (the “Underlying Shares”) of an issuer incorporated outside of Canada (the “Underlying Issuer”). For each series of CDRs, the Prospectus will provide additional information regarding such series, including information regarding the Underlying Issuer and Underlying Shares for such series. Neither BMO and its affiliates nor any other person involved in thedistribution of CDRs accepts any responsibility for any disclosure provided by any Underlying Issuer (including Information contained herein or in the Prospectus that has been extracted from any Underlying Issuer’s publicly disseminated disclosure). Each series of CDRs is only offered to investors in Canada in accordance with applicable laws and regulatory requirements.

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.

All investments involve risk. The value of an Exchange traded fund (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.

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