In this episode, Bipan Rai and Matt Montemurro join host, Esther Choi to unpack the latest trends in global commodity markets, exploring how broad-based commodity ETFs can streamline access to multiple futures exposures and offer investors a simple, cost-efficient approach to portfolio diversification.

Esther Choi is Vice President, ETF Specialist, BMO ETFs at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Matt Montemurro, Head of Fixed Income and Equity Index ETFs at BMO GAM. Recorded live on January 29, 2026.

ETFs:

· BMO Gold Bullion ETF (ZGLD)

· BMO Covered Call Spread Gold Bullion ETF (ZWGD)

· BMO Broad Commodity ETF (ZCOM)

· BMO Equal Weight Oil & Gas Index ETF (ZEO)

· BMO SPDR Energy Select Sector Index ETF (ZXLE)

· BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT)

· BMO Equal Weight Global Gold Index ETF (ZGD)

· BMO Junior Gold Index ETF (ZJG)

Sources:

ETF Flows, according to the National Bank Report, December 2025

Macro Notes - The ‘Oil to Gold’ Rotation in Canada

⁠⁠Bloomberg Commodity Index (BCOM): 2026 AnnualRebalance FAQ⁠⁠

Press Release - January 23, 2026 - BMO Reduces Fees on Select ETFs and Updates Risk Ratings

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 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. 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 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 prospectus.

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 toward stocks with large market capitalizations and represents approximately two-thirds of the total market value ofall 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.

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. 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.