BMO Canadian ETF Dashboard

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1 Monthly Summary Canadian ETF Dashboard: Canadian Equity Large Cap Drives Growth in February For the month of February, Canadian ETF industry assets under management rebounded to $88.5 billion, increase of $847 million, or 1.0%, over the previous month. The increase was driven by market movements of -$898 million and inflows of $1.7 billion. Largest Dollar Growth, Canadian Equity Large Cap, contributed $574.2 million to the total inflows for the month, while Largest Dollar Decrease, Financials Sector Equity, contributed -$81.6 million to the total outflows for the month. BMO ETFs reported inflows of more than $551 million, led by ZEA, ZIC and ZLI. AUM stood at $24.5 billion, up $84 million year-to-date for a total market share of 27.7%.

2 BMO ETF Trade Opportunity - Strategy Alfred Lee - CFA, CMT, DMS, Vice President, Portfolio Manager and Investment Strategist, Global Structured Investments, BMO Asset Management Inc. Half In, Half Out: Why it May Be Time to Hedge Half of Your USD/CAD Exposure Summary of Recommendations: BMO S&P 500 Hedged to CAD Index ETF (Ticker: ZUE) BMO Dow Jones Industrial Average Hedged to CAD Index ETF (Ticker: ZDJ) BMO NASDAQ 100 Equity Hedged to CAD Index ETF (Ticker: ZQQ) BMO Low Volatility US Equity Hedged to CAD ETF (Ticker: ZLH) BMO US Dividend Hedged to CAD ETF (Ticker: ZUD) BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (Ticker: ZWA) BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (Ticker: ZMU) Recent Developments: investors looking for U.S. asset exposure may want to consider hedging half of its currency exposure. Trade Idea: Since early January of 2013, we have recommended investors seeking U.S. asset exposure to be unhedged in terms of currency. Over that period, the U.S. dollar has gained 40.2% against its Canadian equivalent. The strength of the U.S. dollar had been driven by an improving macro-economic backdrop south of the border and hence higher expectations for the U.S. Federal Reserve (the Fed) to tighten its monetary policy. In the last several weeks, however, there have been developments that suggest the U.S. dollar may lose some of its momentum (Chart A). Heading into 2016, the market expected at least two further rate hikes by the Fed over the year. As outlined in our BMO ETF Portfolio Strategy Report, published in early January of this year, we believed continued global economic weakness will prevent the Fed from further tightening its monetary policy. We expect the Fed to raise its overnight rate by no more than 0.25% this year and likely even remaining status quo. Since early January, market expectations for a U.S. rate hike in 2016, as indicated by futures, have declined from 93.3% to 44.7%, moving closer in-line with our view. The U.S. dollar may face headwinds, should the market continue to price out the possibility of a U.S. rate hike. In addition, the expectations for Canadian interest rates have changed, at least for the time being. The Bank of Canada (BoC) implied at its last meeting that it was hesitant to further ease its overnight rate. Instead the central bank wants the federal government s fiscal policy to do the heavy lifting in terms of stimulating the economy. As a result, the expectations for a BoC rate cut have lessened, which is supportive of the Canadian dollar. Since the start of the year, the spread between the U.S Treasury and the Canadian government yield (both 10-year terms) has tightened by 31bps to 59bps (Chart B). Further to the change in Canadian and U.S. interest rate expectations, we believe the bearish sentiment on the Canadian economy has become an increasingly crowded trade. Consequently, any data suggesting the economy in Canada is less negative than anticipated, should be supportive of the Canadian dollar. Going forward, we suggest Investors looking for cost-efficient exposure to well-known benchmark indices (with a USD/CAD currency hedge) may want to consider the BMO S&P 500 Hedged to CAD Index ETF (ZUE), BMO Dow Jones Industrial Average Hedged to CAD Index ETF (ZDJ) and/or BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ). Recent macro-economic uncertainty, coupled with sustained lower oil prices is an ongoing concern. To manage volatility, some investors may instead consider the recently launched BMO Low Volatility US Equity Hedged to CAD ETF (ZLH), which is a diversified portfolio of securities less volatile than the market. Dividend-paying stocks also tend to be more stable, given they are mature companies. The BMO US Dividend Hedged to CAD ETF (ZUD) provides an efficient solution for investors looking for a broad portfolio of these types of stocks. Given the recent market uncertainty, investors can also harness volatility by utilizing a covered call strategy. High volatility will tend to translate into higher premiums earned from selling call options. The BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (ZWA) provides exposure to multinational blue chip stocks with an option overlay to further enhance yield. As we have outlined in previous reports, we have been constructive on U.S. investmentgrade bonds, given the lower appetite for risk. Moreover, investment-grade bonds tend to have stronger balance sheets to better withstand global economic weakness. For Canadian investors, the U.S. investment-grade bond universe provides greater diversification to industries not represented in Canada. The BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU) may be used as a complementary position for fixed-income investors to build broader sector exposure. continued >

3 BMO ETF Trade Opportunity - Strategy Half In, Half Out: Why it May Be Time to Hedge Half of Your USD/CAD Exposure- continued... Chart A: U.S. Dollar Has Recently Weakened vs. Canadian Dollar Source: Bloomberg, as of February 25, Chart B: Spread Between 10-Year U.S. Treasury and 10-Year Government of Canada Has Narrowed Source: Bloomberg, as of February 24, > See Disclaimer 1 in last section.

4 ETF Trade Opportunity - Strategy Larry Berman - CFA, CMT, CTA, Partner and Chief Investment Officer, ETF Capital Management Summary of Recommendations: BMO US Put Write ETF (Ticker: ZPW) BMO US High Dividend Covered Call ETF (Ticker: ZWH) In a defensive environment, a focus on reducing beta and increasing portfolio yield is helpful. I recommend holding a combination of BMO US Put Write ETF (Ticker: ZPW) and BMO US High Dividend Covered Call ETF (Ticker: ZWH). Defensive holdings outperform in bad choppy markets For the next six to 12 months, the markets are likely to be in a choppy range with downside risk in the S&P 500 to approximately 1,600 and the upside likely not more than the 2,041 we started the year with. Global equity markets have declined over 20% and we are in a confirmed bear market. We expect the uncertainty around the U.S. elections, Chinese growth, European bank credit, weak oil prices, and stalled earnings growth to remain headwinds this year. Bear markets in the U.S. have averaged -34% since 1,928. There have been 22 market declines of -19% or more. If we remove 1,929 through 1,932 (-85%), the average decline was about 30%. The smaller declines come from general economic slowdowns and tend to be in the -24% range when we average all the declines that are -13% or more. That would put the S&P 500 around 1,600, which would be the breakout point from the 2000 and 2007 highs, which were in the 1,575 range. In a defensive environment, a focus on reducing beta and increasing yield is helpful. I m getting additional yield in the portfolio through a combination of ZPW and ZWH. If we reach our worst case scenario with the S&P 500 around 1,600, we would sell both these holdings, and change back to BMO S&P 500 Hedged to CAD Index ETF (Ticker: ZUE) and BMO NASDAQ 100 Equity Hedged to CAD Index ETF (Ticker: ZQQ) to capture the most upside on the next bull cycle. The beta of ZPW and ZWH to the S&P 500 is about 40%, with a yield around 5% above ZUE, which should offer very good downside capture, but would underperform significantly in a bull market. We have already implemented some of this exposure in the BMO Tactical Dividend ETF Fund and look to make the position about 25% in the coming weeks. > See Disclaimer 2 in last section.

5 ETF Trade Opportunity - Strategy Martin Pelletier - CFA, Managing Director, Portfolio Manager, TriVest Wealth Counsel Summary of Recommendations: BMO S&P/TSX Capped Composite Index ETF (Ticker: ZCN) BMO S&P 500 Hedged to CAD Index ETF (Ticker: ZUE) BMO MSCI EAFE Hedged to CAD Index ETF (Ticker: ZDM) Canadian investors have not had a good few years with the S&P/TSX Composite Index (S&P/ TSX) trading back down to mid-2013 levels. That said, those lucky enough to hold a large position in U.S. dollars have been able to deliver positive results, thanks to its near 40% rally over the same period against the loonie. As a result, it isn t surprising to see investors chasing these returns by piling into anything U.S.-dollar related, as reflected by recent ETF fund flow data. Given the benefits of diversification, we would normally not complain that Canadians are finally investing abroad, but the magnitude and timing of this shift is cause for concern, since investors are notorious for making such decisions at the wrong time. For example, investors were herding into resource stocks and everything Canadian at the tail end of the commodity bull market that ran from 2001 through the end of This isn t surprising, as the S&P/TSX delivered a 7.4% annual return over this period, compared to the S&P 500 s paltry 3.3%. Eight years later, investors are once again chasing recent returns, and selling Canadian equities and moving international, especially south of the border. The S&P 500 is up 10.5% per year over the past five years, while the S&P/TSX is up only 1.0%. Being the contrarians we are, we think there are some great opportunities to be had right here in Canada. We have yet to see the economic impact from the falling loonie; there is some potential for fiscal stimulus from the new Federal government; the long bear commodity cycle appears to coming to an end; and our housing market hasn t collapsed as many have predicted. Moreso, from a valuation standpoint, the S&P/TSX is trading at a full multiple discount at 15.1 times forward earnings, compared to the S&P 500 at 16.1 times. We believe that there is room for this to narrow once investors get comfortable with the forward outlook from corporate earnings, which are about to show the benefits of the falling Canadian dollar. In the interim, S&P/TSX investors get an extra 1.0% dividend yield over the S&P 500 s 2.0%. Other than owning stocks directly, or in our case undertaking the active use of options, there are a number of different ETF providers offering Canadian market solutions. For example, BMO ETFs have three such Canadian market ETFs including their flagship BMO S&P/TSX Capped Composite Index ETF with over $1.1 billion in net assets. 1 Finally, for those looking to diversify internationally, or specifically into the U.S. equity markets, we would exercise some caution around the U.S. dollar exposure, given its especially large move over the past three years. The good news is that most ETF providers provide CAD-hedged products, such as the BMO S&P 500 Hedged to CAD Index ETF and the BMO MSCI EAFE Hedged to CAD Index ETF. 1 BMO Global Asset Management, Net Assets as of February 25, > See Disclaimer 3 in last section.

6 Industry Rankings Provider AUM [$M] Market Share # of ETFs Change Monthly Flows Monthly Change YTD Flows YTD BMO $24, % 65 $83.8 $550.9 $164.2 $1,807.0 Vanguard $6, % 23 $110.8 $245.8 $299.1 $845.0 PowerShares $2, % 25 $123.0 $131.6 $204.1 $374.9 Horizons $4, % 70 ($43.2) $76.5 ($37.4) $311.3 Purpose $ % 20 $100.7 $98.2 $117.0 $206.4 RBC $1, % 25 $30.7 $63.3 $56.0 $183.1 First Trust $ % 17 $30.2 $11.2 $19.4 $17.5 Questrade $ % 8 $7.8 $7.7 $7.0 $16.3 Hamilton $ % 1 ($0.3) $0.0 $4.9 $5.2 Lysander $ % 1 $0.4 $0.9 $0.1 $2.7 Auspice $ % 1 $0.0 $0.0 ($3.9) $0.0 ishares $45, % 107 $424.8 $575.2 ($1,693.0) ($80.4) First Asset $1, % 46 ($21.9) ($16.1) ($257.8) ($178.4) Equity Flows Asset Flows (mil) Fixed Income Flows MONTHLY Income Low Vol Market Other YEARLY Aggregate Corporate Government Canada 249,302,000 5,494, ,335,000 63,068,000 Global -5,632,000 35,680,000 72,380,000 25,558,000 International 33,003,000 18,202, ,008,000-31,448,000 US 107,068, ,364, ,571,000-6,797,000 Full 906,513,000 1,740,843, ,742,000 Long 21,271, ,823, ,724,000 Mid 0 630,661, ,624,000 Short 531,281,000 1,069,452,000-55,733,000 YEARLY Income Low Vol Market Other MONTHLY Aggregate Corporate Government Canada 790,687, ,500,000 1,622,687, ,984,000 Global 5,619, ,063, ,079, ,989,000 International 409,993, ,684,000 1,646,765,000 49,679,000 US 470,815, ,859,000 1,560,945, ,000,000 Full -71,388, ,773,000-3,244,000 Long -4,403,000 6,519,000 62,599,000 Mid 0 94,052,000 12,767,000 Short 48,564, ,574,000-11,078,000

7 Total Assets Under Management (mil) Asset Flows (mil) Asset Type Flow YTD (mil) Flow MTD (mil) Allocation ($27.3) ($2.0) Alternative $313.8 $90.2 Commodities $20.9 $20.4 Equity $1,273.0 $1,103.7 Fixed Income $1,745.1 $452.8 Money Market $185.0 $80.0 Total $3,510.5 $1,745.0 Top BMO ETFs - Month Fund Ticker Flows AUM BMO MSCI EAFE ETF ZEA $80.96 $ BMO Mid-Term US IG Corp Bond ETF (CAD) ZIC $70.93 $1, BMO Low Volatility International Eq ETF ZLI $51.29 $ BMO Low Volatility US Equity ETF (CAD) ZLU $43.41 $ BMO Low Volatility Canadian Equity ETF ZLB $41.75 $ BMO Long Federal Bond Index ETF ZFL $35.26 $ BMO Low Volatility International EqH ETF ZLD $31.92 $31.92 BMO S&P/TSX Laddered Pref S Index ETF ZPR $26.45 $1, BMO MT US IG Corp Bd Hdg to CAD ETF ZMU $24.92 $ BMO Low Volatility US Equity ETF H (CAD) ZLH $24.49 $24.49 Top BMO ETFs - Year Fund Ticker Flows AUM BMO MSCI EAFE ETF ZEA $ $ BMO Mid-Term US IG Corp Bond ETF (CAD) ZIC $ $1, BMO Mid Federal Bond Index ETF ZFM $ $ BMO S&P/TSX Laddered Pref S Index ETF ZPR $ $1, BMO S&P 500 Hedged to CAD Index ETF ZUE $ $1, BMO Low Volatility Canadian Equity ETF ZLB $ $ BMO Low Volatility US Equity ETF (CAD) ZLU $ $ BMO High Yld US Corp Bd Hdgd CAD Idx ETF ZHY $ $1, BMO Equal Weight US Banks ETF ZBK $ $ BMO Low Volatility International Eq ETF ZLI $ $161.22

8 BMO ETF Based MUTUAL FUNDS - Returns (%) Fund Name YTD 1 month 3 month 1 year 3 year 5 year Since inception BMO Canadian Low Volatility ETF Cl Adv BMO Fixed Income Yield Plus ETF Port Adv BMO Tactical Global Bond ETF Advisor BMO Fixed Income ETF Portfolio Advisor BMO Income ETF Portfolio Advisor BMO Income ETF Portfolio Class Advisor BMO Conservative ETF Portfolio Advisor BMO Balanced Yield Plus ETF Port Advisor BMO Global Low Volatility ETF Class Adv BMO Tactical Dividend ETF Advisor BMO Balanced ETF Portfolio Advisor BMO Balanced ETF Portfolio Class Advisor BMO Tactical Balanced ETF Advisor BMO Growth ETF Portfolio Advisor BMO Growth ETF Portfolio Class Advisor BMO Equity Growth ETF Portfolio Advisor BMO Equity Growth ETF Portfolio Cl Adv BMO Tactical Global Equity ETF Advisor

9 Disclaimer Section Disclaimer 1: This communication is intended for informational purposes only. This update represents their assessment of the markets at the time of publication. Those views are subject to change without notice as markets change over time. The information contained herein is not, and should not be construed as, investment advice to any party. Investments 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 simplified prospectus. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from the Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the fund facts or prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Nasdaq, OMX, NASDAQ OMX, Nasdaq-100, and Nasdaq-100 Index, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the Corporations ) and are licensed for use by BMO Asset Management Inc. The BMO Nasdaq 100 Equity Hedged to CAD Index ETF has not been passed on by the Corporations as to its legality or suitability and is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO The BMO Nasdaq 100 Equity Hedged to CAD Index ETF. S & P 500 is a trademark of Standard & Poor s Financial Services LLC ( S&P ) and TSX is a trademark of TSX Inc. These trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed to BMO Asset Management Inc. in connection with ZUE.The Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by BMO Asset Management Inc. in connection with the ZUE. ZUE is not sponsored, endorsed, sold or promoted by S&P Dow Jones LLC, S&P, TSX, or their respective affiliates and S&P Dow Jones Indices LLC, S&P, TSX and their affiliates make no representation regarding the advisability of trading or investing in such ETF. The Dow Jones Industrial Average Index CAD Hedged is a product of Dow Jones Opco, LLC ( Dow Jones Opco ), a subsidiary of S&P Dow Jones Indices LLC and has been licensed for use. Dow Jones and Industrial Average Index CAD Hedged are service marks of Dow Jones Trademark Holdings, LLC ( Dow Jones ), and has been licensed to Dow Jones Opco and sublicensed by BMO Asset Management Inc. in connection with ZDJ. ZDJ is not sponsored, endorsed, sold, or promoted by Dow Jones Opco, Dow Jones, and their respective affiliates, make no representation regarding the advisability of trading or investing in such a product(s). BMO (M-bar roundel) is a registered trademark of Bank of Montreal, used under licence. Disclaimer 2: This communication is intended for informational purposes only. This update represents their assessment of the markets at the time of publication. Those views are subject to change without notice as markets change over time. The information contained herein is not, and should not be construed as, investment advice to any party. Investments should be evaluated relative to the individual s investment objectives and professional advice should be obtained with respect to any circumstance. The statistics provided in this article are based on information believed to be reliable, but BMO Asset Management Inc. and BMO Investment Inc. cannot guarantee they are accurate or complete. The recommendations and opinions expressed herein are those of Larry Berman, Partner and Chief Investment Officer, ETF Capital Management, and do not necessarily reflect those of BMO ETFs and BMO Mutual Funds, and are not specifically endorsed by BMO Asset Management Inc. and BMO Investments Inc. 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 simplified prospectus. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from the Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. BMO Mutual Funds refers to certain mutual funds and/or series of mutual funds offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the fund facts or prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. S&P 500 is a trade-mark of S&P Opco, LLC. This and other associated trademarks and/or service marks have been licensed for use by BMO Asset Management Inc. None of the BMO ETFS are sponsored, endorsed, sold or promoted by any of its aforementioned trade-mark owners and the related index providers or their respective affiliates or their third party licensors and these entities make no representation, warranty or condition regarding the advisability of buying, selling or holding units in the BMO ETFs. Nasdaq, OMX, NASDAQ OMX, Nasdaq-100, and Nasdaq-100 Index, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the Corporations ) and are licensed for use by BMO Asset Management Inc. The BMO Nasdaq 100 Equity Hedged to CAD Index ETF has not been passed on by the Corporations as to its legality or suitability and is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO The BMO Nasdaq 100 Equity Hedged to CAD Index ETF. Disclaimer 3: TriVest Wealth Counsel Ltd. Disclosure: The information contained in this document has been compiled by TriVest Wealth from sources believed to be reliable, but no representation or warranty, express or implied, is made by TriVest Wealth, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this document constitute TriVest Wealth judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility or liability. All opinions, projections and estimates constitute the judgment of the author as of the date of the report and are subject to change without notice. TriVest Wealth is under no obligation to update this report and readers should therefore assume that TriVest Wealth will not update any fact, circumstance or opinion contained in this report. TriVest may own, buy, or sell, on behalf of its clients, securities of issuers that may be discussed in or impacted by this report. As a result, readers should be aware that TriVest may have a conflict of interest that could affect the objectivity of this report. TriVest Wealth may also engage in the trading strategies described in this document for its clients and may, as market conditions change, amend or change its investment strategy including full and complete divestment. This report should not be regarded by recipients as a substitute for the exercise of their own judgment and readers are encouraged to seek independent, third-party research on any companies covered in or impacted by this report. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instrument or any derivative related to such securities or instruments. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this report. Materials prepared by TriVest Wealth in the composition of this report are based on public information. The information herein was obtained from various sources believed to be reliable but the accuracy and completeness of the information is not guaranteed, and in providing it neither the author of this document nor TriVest Wealth assume any liability. This report may contain links to third-party websites and is not responsible for the content of any third-party website or any linked content contained in a third-party website. The inclusion of a link in this report does not imply any endorsement by or any affiliation with TriVest Wealth. Neither TriVest Wealth nor any director, officer or employee of TriVest Wealth accepts any liability whatsoever for any direct, indirect or

10 Disclaimer Section continued... consequential damages or losses arising from any use of this report or its contents. BMO Asset Management Inc. Disclosure: This communication is intended for informational purposes only. This update represents their assessment of the markets at the time of publication. Those views are subject to change without notice as markets change over time. The information contained herein is not, and should not be construed as, investment advice to any party. Investments should be evaluated relative to the individual s investment objectives and professional advice should be obtained with respect to any circumstance. The statistics provided in this article are based on information believed to be reliable, but BMO Asset Management Inc. cannot guarantee they are accurate or complete. The recommendations and opinions expressed herein are those of Martin Pelletier, CFA, Managing Director, Portfolio Manager, TriVest Wealth Counsel and do not necessarily reflect those of BMO Exchange Funds and are not specifically endorsed by BMO Asset Management Inc. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from the Bank of Montreal. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. S&P and S&P 500 are trademarks of Standard & Poor s Financial Services LLC ( S&P ) and TSX is a trademark of TSX Inc. These trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed to BMO Asset Management Inc. in connection with ZCN and ZUE. The Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by BMO Asset Management Inc. in connection with ZCN and ZUE. ZCN and ZUE is not sponsored, endorsed, sold or promoted by S&P Dow Jones LLC, S&P, TSX, or their respective affiliates and S&P Dow Jones Indices LLC, S&P, TSX and their affiliates make no representation regarding the advisability of trading or investing in such ETF. The funds or securities referred to herein are not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related funds. Disclaimer BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate legal entity from the Bank of Montreal. BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses may be associated with investments in mutual fund and exchange traded funds. Please read the prospectus before investing. Mutual funds and exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. BMO Financial Group provides this for informational purposes only. The information herein reflects information available at the date hereof. It is based on sources that we believe to be reliable, but is not guaranteed by us, may be incomplete, or may change without notice.