As the year winds down, we’re taking a moment to reflect. In today’s episode, host Erika Toth is joined by Bipan Rai and Matt Montemurro to unpack the biggest ETF trends that shaped the  Canadian equity space in 2025—and explore what they could mean for the year ahead. 

 Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, ETFs at BMO GAM, and Matt Montemurro, Head of Fixed Income and Equity Index ETFs at BMO GAM. Recorded live on December 17, 2025. 

 ETFs: 

• BMO S&P/TSX Capped Composite Index ETF (ZCN) 
• BMO S&P 500 Index ETF (ZSP) 
• BMO MSCI EAFE Index ETF (ZEA) 
• BMO Broad Commodity ETF (ZCOM) 
• BMO Long Short Canadian Equity ETF (ZLSC) 
• BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) 
• BMO Asset Allocation ETFs 
• BMO All-Equity ETF (ZEQT) 
• BMO Aggregate Bond Index ETF (ZAG) 
• BMO Discount Bond Index ETF (ZDB) 
• BMO Gold Bullion ETF (ZGLD) 
• BMO Covered Call Spread Gold Bullion ETF (ZWGD) 
• BMO Conservative ETF (ZCON) 
• BMO Broad Commodity ETF (ZCOM) 
• BMO Short Corporate Bond Index ETF (ZCS) 
• BMO Corporate Bond Index ETF (ZCB) 
• BMO Ultra Short-Term Bond ETF (ZST) 
• BMO Money Market Fund ETF Series (ZMMK) 
• BMO Long Federal Bond Index ETF (ZFL) 
• BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY) 
• BMO US Aggregate Bond Index ETF (USD Units) (ZUAG.U) 
• BMO US Aggregate Bond Index ETF (Hedged Units)(ZUAG.F) 

ZCN, total returns as of 2025/11/30: 1 yr: 25.62%, 3yr: 18.80%, 5 yr 16.12%, 10 yr: 12.13%, SI 9.58% 

ZSP, total returns as of 2025/11/30: 1 yr: 14.48%, 3yr: 21.72%, 5 yr 16.61%, 10 yr: 14.74%, SI: 17.81% 

ZEA, total returns as of 2025/11/30: 1 yr: 23.57%, 3yr: 16.50%, 5 yr 10.74%, 10 yr: 8.09%, SI: 8.37% 

Source: Flows, according to the National Bank Report, December 2025 

Disclaimers: 

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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.  

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