E281 – What ETF Flows Are Telling Us

Will it be another record-breaking year for Canadian ETF inflows? In this episode, Bipan Rai, Matt Montemurro, and your host, Erika Toth, delve into the latest industry data, exploring the seasonality of flows, currency hedging, fixed income positioning, a slight sector rotation, and a whole lot more.  Erika Toth is a Director of Institutional and Advisory for Eastern Canada at BMO Global Asset Management(BMO GAM). She is joined on the podcast by Bipan Rai, Head of ETF Strategy, ETFs, BMO GAM and Matt Montemurro, Managing Director and Head of Fixed Income and Equity Index ETFs, ETFs, BMO GAM. Recorded live on Sept 10, 2025.ETFs:BMO MSCI EAFE Index ETF (ZEA)BMO S&P 500 Index ETF (ZSP)BMO Aggregate Bond Index ETF (ZAG) BMO US Aggregate Bond Index ETF (ZUAG)BMO High Quality Corporate Bond Index ETF (ZQB)BMO Short Corporate Bond Index ETF (ZCS)BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU)BMO SPDR Communication Services Select Sector Index ETF (Hedged Units) (ZXLC.F)BMO SPDR Technology Select Sector Index ETF (ZXLK)BMO Equal Weight Industrials Index ETF (ZIN)BMO Junior Gold Index ETF (ZJG)BMO Conservative ETF (ZCON)BMO Balanced ETF (ZBAL)BMO Growth ETF (ZGRO)BMO All-Equity ETF (ZEQT)BMO Monthly Income ETF (ZMI)BMO Gold Bullion ETF (ZGLD)BMO Covered Call Spread Gold Bullion ETF (ZWDG)BMO Equal Weight Global Gold Index ETF (ZGD) Source for ETF Flows: National Bank Report, August 2025.IEEPA: International Emergency Economic Powers ActFOMC: Federal Open Market CommitteeTactical vs Strategic asset allocations: tactical calls seek to exploit short-term opportunities while strategic ones focus on one's long-term investment goals and risk profile. SPIVA data  Disclaimers:Please visit for full disclaimersThis 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 construedas, 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 anycircumstance. 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 suchstatements 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-lookingstatements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.You cannot invest directly in an index.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-tradedfunds 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 and administered by BMO Asset Management Inc., an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. “BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.