E263 – Guided Portfolio Strategy Q2 2025

BMO ETFs: Views from the Desk

In this episode, ETF Strategist Bipan Rai, and host, Erika Toth, share why they are proceeding with market caution over exuberance and provide a Q2 update on portfolio positioning.

Erika Toth is a Director of Institutional and Advisory, BMO GAM. She is joined by Bipan Rai, Head of ETF Strategy, ETFs, BMO GAM. Recorded live on March 31, 2025.

• BMO International Dividend ETF (ZDI)
• BMO MSCI China Selection Equity Index ETF (ZCH)
• BMO Low Volatility Canadian Equity ETF (ZLB)
• BMO MSCI USA High Quality Index ETF (ZUQ)
• BMO MSCI USA High Quality Index ETF (Hedged Units) (ZUQ.F)
• BMO US High Dividend Covered Call Hedged to CAD ETF (ZWS)
• BMO Covered Call US Banks ETF (ZWK)
• BMO SPDR Health Care Select Sector Index ETF (ZXLV)
• BMO Covered Call Energy ETF (ZWEN)
• BMO Global Infrastructure Index ETF (ZGI)
• BMO Gold Bullion ETF (ZGLD)
• BMO US Equity Buffer Hedged to CAD ETF – January (ZJAN)
• BMO Long Short US Equity ETF (ZLSU)
• BMO Discount Bond Index ETF (ZDB)
• BMO Long-Term US Treasury Bond Index ETF (ZTL)
• BMO Short-Term US TIPS Index ETF (Hedged Units)(ZTIP.F)
• BMO USD Cash Management ETF (ZUCM)

Disclaimers:

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 willnot 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 ofrisk described in the most recent simplified prospectus.

Sector ETF products are also subject to sector risk and non-diversification risk, which generally will result in greater price fluctuations than the overall market.

The Select Sector SPDR Trust consists of eleven separate investment portfolios (each a “Select Sector SPDR ETF” or an “ETF” and collectively the “Select Sector SPDR ETFs” orthe “ETFs”). Each Select Sector SPDR ETF is an “index fund” that invests in a particular sector or group of industries represented by a specified Select Sector Index. The companies included in each Select Sector Index are selectedon the basis of general industry classification from a universe of companies defined by the S&P 500®. The investment objective of each ETF is to provide investment results that, before expenses, correspond generally to the price andyield performance of publicly traded equity securities of companies in a particular sector or group of industries, as represented by a specified market sector index.

The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P.

The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted towardstocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. The S&P 500 Index figures do not reflect any fees, expenses or taxes. An investor should consider investment objectives, risks, fees and expenses before investing.

You cannot invest directly in an index.

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. Particularinvestments 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.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.