BMO ETFs

What BMO ETFs does

BMO ETFs is the exchange-traded fund product platform operated by BMO Asset Management Inc., a wholly-owned subsidiary of Bank of Montreal (TSX/NYSE: BMO), one of Canada's Big Five chartered banks. The platform offers a comprehensive range of ETFs spanning asset allocation, index, fixed income, cash alternatives, covered call, factor, sector, gold, active (Market+), and structured outcome categories, plus Canadian Depositary Receipts. Core technology relies on index-tracking methodologies (including equal-weight and market-cap-weighting), covered call options strategies for income generation, currency hedging back to CAD for international exposure, and, in newer Market+ products, systematic fundamental analysis layered on broad market exposure.

Revenue is generated through management fees embedded in expense ratios (MERs) that vary by product complexity — from 0.18% on passive index/asset allocation ETFs to 0.72% on covered call strategies like ZWB — billed annually and paid out of fund assets, with monthly cash distributions to unitholders in income-oriented products. The go-to-market motion is primarily direct-to-consumer via online brokerage accounts on Toronto Stock Exchange and Cboe Canada, supplemented by financial advisor and wealth management distribution channels, with community engagement through the ETF Market Insights investor partnership. Target customer segments are predominantly individual Canadian retail investors — including retirees and income-focused investors, TFSA holders, growth-oriented TFSA investors, DIY ETF investors, and sector-specific investors — with flagship products like ZWC ($2.4B AUM, 6.3% yield) and BMO All-Equity ETF ($900M AUM, 0.18% MER) anchoring the lineup.

Name

BMO ETFs

Legal name

BMO Asset Management Inc.

Website

https://www.bmoetfs.com

Company type

Public

Operating status

Operating

Short description

BMO ETFs is the exchange-traded fund platform of BMO Asset Management Inc., a Bank of Montreal subsidiary, offering Canadian retail and institutional investors a broad suite of index, covered call, sector, fixed income, and active ETFs distributed via TSX and Cboe Canada.

Ownership category

akta.pro rank

Product category

Exchange-Traded Funds (Asset Management)

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Asset & Allocation ETFs (Balanced, Target Risk) (FSAAAFAF)

akta.pro secondary industries

Style/Factor Equity ETFs (Value, Growth, Quality, Low Vol, Momentum) (FSAAAFAB), Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources) (FSAAAFAH)

Keywords

• Exchange-traded funds
• Asset management
• Covered call strategies
• Portfolio solutions
• Index investing

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees (Expense Ratios): BMO ETFs generate revenue through management fees embedded in expense ratios charged to investors. Expense ratios vary by product: passive index ETFs charge as low as 0.18% (BMO All-Equity ETF, BMO Growth ETF Portfolio), while actively managed or covered call ETFs charge higher rates up to 0.72% (BMO Covered Call Canadian Banks ETF).

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels8 records

Core offering

BMO ETFs operates a comprehensive Canadian exchange-traded fund platform managed by BMO Asset Management Inc., offering a broad lineup of ETFs across asset allocation, index, fixed income, covered call, sector, gold, commodity, active, factor, and structured outcome categories. Products are listed primarily on the Toronto Stock Exchange and Cboe Canada and target individual Canadian investors (retail, TFSA, retirees, DIY) as well as institutional and advisor channels. The platform is anchored by BMO's 200+ year brand as one of Canada's 'Big Five' banks.

Product overview

BMO ETFs operates as a comprehensive exchange-traded fund platform managed by BMO Asset Management Inc., offering a diverse portfolio of ETF products organized across multiple categories. The product lineup includes: Asset Allocation ETFs (ZGRO portfolio solutions with 0.18% MER), Index ETFs (tracking Canadian, U.S., and global benchmarks), Fixed Income ETFs (bond products including ZAG aggregate bond and ZCS short corporate bond), Covered Call ETFs (income-generating products including ZWC Canadian High Dividend at 6.3% yield, ZWB Covered Call Banks at 5.3% yield, ZWP/ZWE Europe dividend products), Sector ETFs (ZEB Equal Weight Banks, ZEO Equal Weight Oil & Gas, ZRE Equal Weight REITs, ZUT Utilities, and commodity offerings), Gold ETFs (ZJG Junior Gold), Active ETFs (BMO Market+ suite of five strategies launched March 2026), Structured Outcome ETFs (Buffer ETFs with target outcome periods), and Canadian Depositary Receipts. The platform also includes technology initiatives through AI-powered digital banking tools. BMO ETFs serve income-focused investors with monthly distribution products, growth investors with all-equity offerings, and retirement planners with TFSA-optimized solutions. Key differentiators include covered call strategies generating 5-6%+ yields, equal-weight sector approaches, and currency-hedged international exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• BMO Canadian High Dividend Covered Call ETF (ZWC) A covered call ETF that writes call options on approximately 40 blue-chip Canadian dividend stocks to collect option premiums and generate a 6.3% dividend yield paid as monthly cash distributions, with approximately $2.4 billion AUM. Designed for Canadian investors seeking above-market monthly income with downside cushion.
• BMO Monthly Income ETF (ZMI) A balanced ETF with a 50/50 equity/fixed income portfolio structure offering approximately 3% distribution yield, designed for retirement income generation by Canadian investors.
• BMO All-Equity ETF A diversified, low-cost all-equity ETF with a $900 million portfolio and a 0.18% management expense ratio, designed for growth-focused TFSA investors seeking long-term capital appreciation.
• BMO Growth ETF Portfolio (ZGRO) A globally diversified 80/20 stock-and-bond allocation ETF with a 0.18% management expense ratio, designed for growth investors. The ZGRO.T variant targets approximately 6% annual distribution yield for TFSA income.
• BMO Equal Weight Banks Index ETF (ZEB) An equal-weight index ETF providing exposure to Canadian banking sector stocks, offering a 2.34% trailing distribution yield and representing Canada's financial sector strength.
• BMO Equal Weight Oil & Gas Index ETF (ZEO) An equal-weight index ETF providing exposure to Canadian energy sector companies, offering a 3.02% trailing distribution yield as an investment vehicle for Canada's globally competitive energy sector.
• BMO Equal Weight REITs Index ETF (ZRE) A real estate-focused ETF offering monthly distributions yielding approximately 4.3% through an equal-weight structure distributing risk across apartment, industrial, retail, and office REIT sectors.
• BMO Covered Call Canadian Banks ETF (ZWB) An income-focused covered call fund offering a 5.3% yield through a covered call strategy across six major Canadian banks, with an equal-weighted structure, 0.72% expense ratio, and monthly distributions.
• BMO Europe High Dividend Covered Call ETF (ZWP) A covered call ETF providing exposure to dividend-paying European companies while mitigating downside risk through covered call options strategies.
• BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) A covered call ETF providing exposure to dividend-paying European companies while generating income through covered call options and hedging foreign currency exposure back to Canadian dollars.
• BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) An ETF seeking to replicate the NASDAQ 100 Index while hedging exposure back to Canadian dollars, offering Canadian investors exposure to U.S. technology and growth stocks with currency risk mitigation.
• BMO Short Corporate Bond Index ETF (ZCS) An ETF seeking to replicate the performance of the FTSE Canada Short Term Corporate Bond Index through investment in constituent securities, providing short-duration Canadian corporate bond exposure.
• BMO Junior Gold Index ETF (ZJG) A gold-focused commodity ETF providing exposure to junior gold mining companies for portfolio diversification and inflation hedging.
• BMO Equal Weight Utilities Index ETF (ZUT) An ETF seeking to replicate the Solactive Equal Weight Canada Utilities Index using an equal-weight investment strategy, recently paying a monthly dividend of $0.069 per share representing a 2.9% annualized yield.
• BMO Aggregate Bond Index ETF (ZAG) A broad bond ETF seeking to replicate the Canadian aggregate bond market, generating returns driven primarily by its approximately 3.4% yield with limited price appreciation expected.
• BMO Market+ ETF Strategies A suite of five actively managed exchange-traded funds offering Canadian, U.S., global, low-volatility, and developed and emerging market equity exposures, combining broad market exposure with disciplined, systematic fundamental analysis and listed on Cboe Canada.
• BMO Broad Commodities ETF A commodity-focused ETF recommended as a portfolio hedge against inflation driven by geopolitical tensions and supply disruptions.

Quantifiable outcome

• 6.3% dividend yield vs 2.1% Canadian market average
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• ETF Market Insights CommunityminorGTM or Marketing Partner · 18 June 2026BMO ETFs partners with the DIY investor community to celebrate Canadian ETF investors, hosting market opening ceremonies at Toronto Stock Exchange and educational panels designed to inform and empower Montreal investors.
• Toronto Stock ExchangecoreStrategic or Co-development PartnerBMO ETFs and Toronto Stock Exchange officials co-host market opening ceremonies and investor education events. BMO ETFs are listed and traded on TSX, representing a foundational distribution partnership.
• Cboe CanadacoreChannel Partner/ Reseller/ DistributorBMO Market+ ETF Strategies are listed and trading on Cboe Canada, expanding distribution beyond Toronto Stock Exchange for new active ETF product suite.
• Bloomberg Index Services LimitedcoreTechnology or IntegrationBloomberg licenses Bloomberg Index trademarks and ESG fixed income indices to BMO Asset Management Inc. for use in BMO ETF products.
• MSCI Inc.coreTechnology or IntegrationMSCI licenses MSCI Index trademarks and ESG data to BMO Asset Management Inc. for ETF products, including Bloomberg MSCI ESG fixed income indices.
• FTSE Global Debt Capital Markets Inc.coreTechnology or IntegrationFTSE Canada licenses FTSE Canada Indexes and Russell Indexes to BMO for ETF products tracking Canadian bond and equity markets.
• Solactive AGcoreTechnology or IntegrationSolactive AG licenses Solactive Index for BMO Equal Weight Utilities Index ETF and other products, with each Solactive-based ETF requiring license agreement.
• Nasdaq, Inc.coreTechnology or IntegrationNasdaq licenses Nasdaq trademark for BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) tracking the NASDAQ 100 Index.
• S&P Dow Jones Indices LLCcoreTechnology or IntegrationS&P Dow Jones Indices licenses S&P 500, iBoxx, iTraxx, and CDX trademarks for BMO ETF products, with products not sponsored, endorsed, sold or promoted by SPDJI.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• iShares Canada (BlackRock): BlackRock's iShares franchise is the largest ETF issuer in Canada and competes directly with BMO ETFs across index, factor, sector, and active categories. Both brands list on Toronto Stock Exchange and target retail and advisor channels with overlapping product sets (e.g., Canadian banks, REITs, Nasdaq-100 hedged to CAD).
• Vanguard Investments Canada: Vanguard Canada is the principal low-cost passive peer to BMO ETFs, particularly in asset allocation (e.g., VGRO vs ZGRO) and broad index products. Vanguard's ultra-low MERs pressure BMO's pricing across the passive tier.
• CI Global Asset Management (CI ETFs): CI Global Asset Management operates a competitive Canadian ETF lineup (e.g., Canadian banks and covered call ETFs) that competes with BMO's ZEB and ZWC in the income and Canadian sector categories, distributed through the same advisor and DIY channels.
• Horizons ETFs Management: Horizons is one of Canada's largest ETF issuers and overlaps with BMO ETFs in covered call, sector, and active categories. It is a direct competitor for advisor shelf space and income-focused investor flows.
• Purpose Investments: Purpose is an emerging Canadian ETF issuer with notable covered call and yield-oriented products that compete with BMO's ZWC and ZWB franchises. It has grown rapidly by marketing high-distribution ETFs to the same retiree and TFSA investor segments.
• Fidelity Investments Canada: Fidelity Canada operates an ETF lineup that overlaps with BMO across asset allocation, factor, and international equity categories, distributed through the same advisor networks and DIY brokerages in Canada.

Broad incumbents

• Invesco Canada: Invesco is a global asset manager with a Canadian ETF presence that competes across factor, sector, and income categories. It brings global product capabilities (e.g., QQQ exposure) that overlap with BMO's Nasdaq 100 hedged product.
• State Street SPDR ETFs Canada: State Street's SPDR brand offers Canadian-listed ETFs that compete with BMO in sector, real estate, and international equity categories. It is a globally established incumbent targeting advisor channels similar to BMO ETFs.

Emerging players

• WisdomTree Canada: WisdomTree Canada lists factor- and income-oriented ETFs that compete with BMO's covered call and factor category products. It is a smaller but differentiated peer in the yield-enhanced equity space.

Others

• Bank of Nova Scotia (iShares/Scotia ETF offerings via Scotia Global Asset Management): Scotia Global Asset Management operates Scotia-branded mutual funds and ETFs and distributes through the same Canadian bank-channel wealth network. It is an adjacent competitor for advisor shelf placement and Canadian sector/asset-allocation product flows.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bmo-global-asset-management/mycompany

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BMO ETFs