E331 – Summer Report Card: ETF Flows, Key Trends & Fall Outlook

What did markets earn over the summer—and what does the back-to-school season mean for investors? In this episode, host Hilly Cutler sits down with Matt Montemurro to assess how equities, bonds, and commodities performed over the past few months, where ETF flows are heading, and what key themes—from Fed rate decisions to the AI trade and upcoming mega IPOs—could shape the final quarter of 2026. Hilly Cutler is Director of Portfolio Consulting and Senior Portfolio Consultant at BMO Global Asset Management (BMO GAM) and Matt Montemurro is Head of Fixed Income and Equity Index ETFs at BMO GAM. This episode was recorded live on Monday, September 14, 2026.   **Funds mentioned:** · BMO MSCI EAFE Index ETF (ZEA)  · BMO MSCI Emerging Markets Index ETF (ZEM) · BMO MSCI EAFE Hedged to CAD Index ETF (ZDM)  · BMO MSCI EAFE Small-Mid Cap Index ETF (ZESM) · BMO Broad Commodity ETF (ZCOM)  · BMO Gold Bullion ETF (ZGLD)  · BMO Gold Bullion Hedged to CAD ETF (ZGLH) · BMO AAA CLO ETF (ZAAA)⁠ · BMO Discount Bond Index ETF (ZDB)  · BMO Short-Term Discount Bond ETF (ZSDB) · BMO Corporate Discount Bond ETF (ZCDB) · BMO Asset Allocation ETFs · BMO All-Equity ETF (ZEQT)  **Source:** Morningstar Direct, BMO Global Asset Management as at September 11, 2026 **CPI:** Consumer Price Index **FOMC:** Federal Open Market Committee **EAFE:** Developed markets in Europe, Australasia, and the Far East. **Emerging markets:** Major economies and many smaller countries such as China, India, Brazil, South Korea, Taiwan, and South Africa.  **Disclaimers:** Please visit for full disclaimers This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of recording. 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 anycircumstance. Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statementsare 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 ETFsbefore investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. 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., an investment fund manager, 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.