BMO ETFs: Views from the Desk BMO Global Asset Management

Equities continue to dominate Canadian ETF flows. Hear about this trend and more in today’s episode, as Erika Toth, David Cheng, and your host, Mckenzie Box, dive into the themes shaping markets this spring, including redemptions of HISA ETFs, rate cut expectations, the bounce back of balanced portfolios, and a retirement wave.
McKenzie Box is Vice President of Product Management and Strategy at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Erika Toth, a Director of Institutional and Advisory for Eastern Canada at BMO GAM, and David Cheng, an ETF and Quantitative Analyst at BMO Nesbitt Burns Inc. The episode was recorded live on Wednesday, May 8, 2024.
Report: ETFs – Industry and Flows Update (April 2024)
ETFs mentioned in the podcast:

BMO Ultra Short-Term Bond ETF (Ticker: ZST)

BMO Equal Weight Utilities Index ETF (Ticker: ZUT)

BMO Covered Call Utilities ETF (Ticker: ZWU)

BMO Canadian Dividend ETF (Ticker: ZDV)

BMO Low Volatility Canadian Equity ETF (Ticker: ZLB)


ZST, total returns as at 2024/04/30: 1yr: 5.45%, 3yr: 2.78%, 5yr: 2.32%, 10yr: 1.93%, SI: 1.99%
Duration: A measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as number of years. The price of a bond with a longer duration would be expected to rise (fall) more than the price of a bond with lower duration when interest rates fall (rise).
Alpha: A statistical measure of the value a fund manager adds to the performance of the fund managed. If alpha is positive, the manager has added value to the portfolio. If the alpha is negative, the manager has underperformed the market.
Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.
Disclaimers:
The viewpoints expressed by the Portfolio Manager 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. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance.
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.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.
BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.
This podcast is for information purposes. 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 relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.
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The U.S. Federal Reserve made a big announcement—and it’s not about interest rates. In today’s episode, Portfolio Managers Matt Montemurro, Chris McHaney, and your host, Erika Toth, explore changes to the Fed’s Quantitative Tightening, or QT, program. They also discuss results from the earnings season so far, Canadian GDP numbers, and Japan.
Erika Toth is a Director of Institutional and Advisory for Eastern Canada at BMO Global Asset Management. She is joined on the podcast by Matt Montemurro and Chris McHaney, Portfolio Managers and ETF Specialists at BMO Global Asset Management. The episode was recorded live on Wednesday, May 1, 2024.
ETFs mentioned in the podcast:

BMO Low Volatility US Equity ETF (Ticker: ZLU)

BMO MSCI USA High Quality Index ETF (Ticker: ZUQ)

BMO Japan Index ETF (Ticker: ZJPN)


*The Federal Open Market Committee (FOMC) consists of 12 members and holds eight scheduled meetings per year to review economic and financial conditions.
Disclaimers:
The viewpoints expressed by the Portfolio Manager 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. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance.
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.
The BMO ETFs or securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs. 
Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination. 
BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.
This podcast is for information purposes. 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 relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

The higher-for-longer narrative continues. In today’s episode, Portfolio Managers Matt Montemurro, Omanand Karmalkar, and your host, Mckenzie Box, analyze the rate-cut delays and where central bank policy expectations are diverging. They also discuss the Canadian dollar, oil, longer-duration bonds, and covered call strategies.
ETFs mentioned in the podcast:

BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (Ticker: ZMU)

BMO Mid-Term US IG Corporate Bond Index ETF (Ticker: ZIC)

BMO Ultra Short-Term US Bond ETF (USD Units) (Ticker: ZUS.U)

BMO Aggregate Bond Index ETF (Ticker: ZAG)

BMO Covered Call Energy ETF (Ticker: ZWEN)

BMO Equal Weight Oil & Gas Index ETF (Ticker: ZEO)

BMO High Quality Corporate Bond Index ETF (Ticker: ZQB)

BMO US High Dividend Covered Call ETF (Ticker: ZWH)

BMO Canadian High Dividend Covered Call ETF (Ticker: ZWC)

BMO Covered Call Technology ETF (Ticker: ZWT)

BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

BMO Global Enhanced Income Fund ETF Series (Ticker: ZWQT)

ZWEN, total returns as at 2024/03/28: 1yr: 20.57%
ZEO, total returns as at 2024/03/28: 1yr: 26.25%, 3yr: 30.46%, 5yr: 14.94%, 10yr: 1.41%, SI: 1.65%
ZQB, total returns as at 2024/03/28: 1yr: 5.17%, 3yr: 0.40%, SI: 1.16%
Annualized Distribution Yield: This yield is calculated by taking the most recent regular distribution, or expected distribution, (excluding additional year end distributions) annualized for frequency, divided by current NAV. The yield calculation does not include reinvested distributions.
Weighted Average Yield to Maturity: The market value weighted average yield to maturity includes the coupon payments and any capital gain or loss that the investor will realize by holding the bonds to maturity.
Disclaimers:
The viewpoints expressed by the Portfolio Manager 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. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance.
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.
Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
This podcast is for information purposes. 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 relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

In today’s deep-dive episode, John Waters, and your host, Erin Allen, discuss the key takeaways from Ottawa’s recently released 2024 federal budget, breaking down capital gains tax changes, measures affecting registered plans, and other notable proposals—and what it could mean for you.  
Erin Allen is Vice President of Online Distribution at BMO Exchange Traded Funds. She is joined on the podcast by John Waters, who is Vice President and Director of Tax Consulting Services at BMO Private Wealth. The episode was recorded live on Thursday, April 18, 2024.

Download BMO’s 2024 Federal Budget Review


Disclaimers:
This podcast is for information purposes. 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 relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
The viewpoints expressed by the Interviewee represents their assessment of the markets at the time of publication. Those views are subject to change without notice at any time. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. This communication is intended for informational purposes only.
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.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

As the economy shows more signs of weakness, will the Bank of Canada be the first to cut rates? In today’s episode, Portfolio Managers Chris McHaney, Chris Heakes, and your host, Mckenzie Box, examine the economic divergence between Canada and the U.S., and potential paths forward. They also discuss currency exposure, a large federal investment in artificial intelligence, and commodities.
The episode was recorded live on Thursday, April 11, 2024.
ETFs mentioned in the podcast:

BMO Short Corporate Bond Index ETF (Ticker: ZCS)

BMO S&P 500 Index ETF (Ticker: ZSP)

BMO S&P 500 Hedged to CAD Index ETF (Ticker: ZUE)

BMO NASDAQ 100 Equity Index ETF (Ticker: ZNQ)

BMO NASDAQ 100 Equity Hedged to CAD Index ETF (Ticker: ZQQ)

BMO Covered Call Technology ETF (Ticker: ZWT)

BMO Global Communications Index ETF (Ticker: COMM)

BMO Global Infrastructure Index ETF (Ticker: ZGI)

BMO Gold Bullion ETF (Ticker: ZGLD)

BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (Ticker: ZMT)

BMO Equal Weight Oil & Gas Index ETF (Ticker: ZEO)

BMO Covered Call Energy ETF (Ticker: ZWEN)

Price of gold: Bloomberg, as of April 11, 2024.
ZSP, total returns as at 2024/03/28: 1yr: 26.69%, 3yr: 13.94%, 5yr: 14.97%, 10yr: 14.83%, SI: 17.39%
ZEO, total returns as at 2024/03/28: 1yr: 26.25%, 3yr: 30.46%, 5yr: 14.94%, 10yr: 1.41%, SI: 1.65%
ZWEN, total returns as at 2024/03/28: 1yr: 20.57%
Disclaimers:
The viewpoints expressed by the Portfolio Manager 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. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance.
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.
Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the ETF Facts or prospectus of the BMO ETFs before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.
For a summary of the risks of an investment in the BMO ETFs, please see the specific risks set out in the BMO ETF’s prospectus. BMO ETFs trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and/or elimination.
BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal.
This podcast is for information purposes. 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 relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

What’s behind gold’s record-high rally? In today’s episode, Portfolio Managers Chris Heakes, Omanand Karmalkar, and your host, Mckenzie Box, identify a few forces supportive of bullion in the short and longer-term. They also discuss three ways to manage market volatility and U.S.-dollar-denominated ETFs.
ETFs mentioned in the podcast:

BMO Gold Bullion ETF (Ticker: ZGLD)

BMO NASDAQ 100 Equity Index ETF (Ticker: ZNQ)

BMO Low Volatility US Equity ETF (Ticker: ZLU)

BMO Low Volatility Canadian Equity ETF (Ticker: ZLB)

BMO S&P/TSX Capped Composite Index ETF (Ticker: ZCN)

BMO US Equity Buffer Hedged to CAD ETF – April (Ticker: ZAPR)

BMO Long Short US Equity ETF (Ticker: ZLSU)

BMO Long Short Canadian Equity ETF (Ticker: ZLSC)

BMO US High Dividend Covered Call ETF (Ticker: ZWH)

BMO Covered Call Canadian Banks ETF (Ticker: ZWB)

BMO S&P 500 Index ETF (Ticker: ZSP)

Disclaimers:
The viewpoints expressed by the Portfolio Manager 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.
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.
An investor that purchases Units of a Structured Outcome ETF other than at starting NAV on the first day of a Target Outcome Period and/or sells Units of a Structured Outcome ETF prior to the end of a Target Outcome Period may experience results that are very different from the target outcomes sought by the Structured Outcome ETF for that Target Outcome Period. Both the cap and, where applicable, the buffer are fixed levels that are calculated in relation to the market price of the applicable Reference ETF and a Structured Outcome ETF’s NAV (as Structured herein) at the start of each Target Outcome Period. As the market price of the applicable Reference ETF and the Structured Outcome ETF’s NAV will change over the Target Outcome Period, an investor acquiring Units of a Structured Outcome ETF after the start of a Target Outcome Period will likely have a different return potential than an investor who purchased Units of a Structured Outcome ETF at the start of the Target Outcome Period. This is because while the cap and, as applicable, the buffer for the Target Outcome Period are fixed levels that remain constant throughout the Target Outcome Period, an investor purchasing Units of a Structured Outcome ETF at market value during the Target Outcome Period likely purchase Units of a Structured Outcome ETF at a market price that is different from the Structured Outcome ETF’s NAV at the start of the Target Outcome Period (i.e., the NAV that the cap and, as applicable, the buffer reference). In addition, the market price of the applicable Reference ETF is likely to be different from the price of that Reference ETF at the start of the Target Outcome Period. To achieve the intended target outcomes sought by a Structured Outcome ETF for a Target Outcome Period, an investor must hold Units of the Structured Outcome ETF for that entire Target Outcome Period.
®/™Registered trademarks/trademark of Bank of Montreal, used under licence.