2025 ETF Flows: A Milestone Year
Dec. 18, 2025As the year winds down, we’re taking a moment to reflect. In today’s episode, host Erika Toth is joined by Bipan Rai and Matt Montemurro to unpack the biggest ETF trends that shaped the Canadian equity space in 2025 — and explore what they could mean for the year ahead.
Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). She is joined on the podcast 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. The episode was recorded live on Wednesday, December 17, 2025.
ETFs mentioned:
- BMO S&P/TSX Capped Composite Index ETF (Ticker: ZCN)
- BMO S&P 500 Index ETF (Ticker: ZSP)
- BMO MSCI EAFE Index ETF (Ticker: ZEA)
- BMO Broad Commodity ETF (Ticker: ZCOM)
- BMO Long Short Canadian Equity ETF (Ticker: ZLSC)
- BMO MSCI EAFE Hedged to CAD Index ETF (Ticker: ZDM)
- BMO Asset Allocation ETFs
- BMO All-Equity ETF (Ticker: ZEQT)
- BMO Aggregate Bond Index ETF (Ticker: ZAG)
- BMO Discount Bond Index ETF (Ticker: ZDB)
- BMO Gold Bullion ETF (Ticker: ZGLD)
- BMO Covered Call Spread Gold Bullion ETF (Ticker: ZWGD)
- BMO Conservative ETF (Ticker: ZCON)
- BMO Broad Commodity ETF (Ticker: ZCOM)
- BMO Short Corporate Bond Index ETF (Ticker: ZCS)
- BMO Corporate Bond Index ETF (Ticker: ZCB)
- BMO Ultra Short-Term Bond ETF (Ticker: ZST)
- BMO Money Market Fund ETF Series (Ticker: ZMMK)
- BMO Long Federal Bond Index ETF (Ticker: ZFL)
- BMO High Yield US Corporate Bond Hedged to CAD Index ETF (Ticker: ZHY)
- BMO US Aggregate Bond Index ETF (USD Units) (Ticker: ZUAG.U)
- BMO US Aggregate Bond Index ETF (Hedged Units)(Ticker: ZUAG.F)
ZCN, total returns as of 2025/11/30: 1 yr: 25.62%, 3yr: 18.80%, 5 yr 16.12%, 10 yr: 12.13%, SI 9.58%
ZSP, total returns as of 2025/11/30: 1 yr: 14.48%, 3yr: 21.72%, 5 yr 16.61%, 10 yr: 14.74%, SI: 17.81%
ZEA, total returns as of 2025/11/30: 1 yr: 23.57%, 3yr: 16.50%, 5 yr 10.74%, 10 yr: 8.09%, SI: 8.37%
Source: Flows, according to the National Bank Report, December 2025
AUM: Assets Under Management
Management Expense Ratio (MER): the percentage of the annual fees plus the annual expenses, divided by the average net assets of the fund.
Beta: A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole.
BOJ: Bank of Japan
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 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.
The Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by the Manager. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Manager. The ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index.
The BMO ETFs or securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. (“MSCI”), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs.
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 ETFs before 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 and administered by BMO Asset Management Inc., an investment fund manager and 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.