E286 – Outlook for International Equities

BMO ETFs: Views from the Desk

Where should investors be looking abroad? In this deep dive episode, Bipan Rai, Johan Ahlberg, and host ErikaToth put international equities under the microscope. They explore trends in recent flows data, ways to diversify outside of Canada with ETFs and CDRs, and the outlook for the months ahead.

Erika Toth is Director, Institutional & Advisory, Eastern Canada at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, ETFs at BMO GAM and Johan Ahlberg, Director, Development & Strategic Advisory, Structured Solutions at BMO GAM. Recorded live on Oct 22, 2025.

ETFs:

• BMO MSCI EAFE Index ETF (ZEA)
• BMO MSCI China Selection Equity Index ETF (ZCH)
• BMO MSCI Emerging Markets Index ETF (ZEM)
• BMO MSCI EAFE High Quality Index ETF (ZIQ)
• BMO All-Equity ETF (ZEQT)

• CDR Directory

ZEA is Canada’s largest EAFE ETF, National Bank Report, Sept 30, 2025.

Flows data, National Bank report, Sept 30, 2025.

ZEQT allocations as of Oct 22, 2025.

Disclaimers:

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Changes in rates of exchange may also reduce the value of your investment.

An investment in Canadian depositary receipts (“CDRs”) issued by Bank of Montreal (“BMO”) may not be suitable for all investors. Important information about these investments is contained in the short form base shelf prospectus and prospectus supplement for each series of CDRs (together, the “Prospectus”). Purchasers are directed to www.sedarplus.ca or to bmogam.com to obtain copies of the Prospectus and related disclosure before purchasing CDRs.

Each series of CDRs relates to a single class of equity securities (the “Underlying Shares”) of an issuer incorporated outside of Canada (the “Underlying Issuer”). For each series of CDRs, the Prospectus will provide additional information regarding such series, including information regarding the Underlying Issuer and Underlying Shares for such series. Neither BMO and its affiliates nor any other person involved in thedistribution of CDRs accepts any responsibility for any disclosure provided by any Underlying Issuer (including Information contained herein or in the Prospectus that has been extracted from any Underlying Issuer’s publicly disseminated disclosure). Each series of CDRs is only offered to investors in Canada in accordance with applicable laws and regulatory requirements.

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