E279 – The Past, Present, and Future of ETFs

Exchange-traded funds were once thought to be a passing fad in investing; now, 35 years later, the ETF industry is booming. In this special episode, Vice Chair of BMO ETFs Alain Desbiens, and your host, Erika Toth, take a look back at where it all began, the evolution of this Canadian invention—and what’s next. Erika Toth is a Director of Institutional and Advisory for Eastern Canada at BMO Global Asset Management. She is joined on the podcast by Alain Desbiens, Vice Chair at BMO Exchange Traded Funds. The episode was recorded live on Tuesday, August 19, 2025.CDRs: Canadian Depositary ReceiptsWe have over 200 tickers and 34 CDRs, as of August 2025: Find a BMO ETFCRM3: The third phase of the Consumer Relationship Model, also known as Total Cost Reporting.Canadian ETF AUM  topped $612.3 billion, as of June 2025, according to the Canadian ETF Association (CETFA). National Bank Report, July 2025.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 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. 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 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.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. The ETF Series of the BMO Mutual Funds are managed by BMO Investments Inc., an investment fund 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.

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