Trade Ideas & Podcasts

The end of the year is a special time. The slowing modulation of the markets gives many an analyst time to unplug, which inevitably leads to reflection about what the next year will bring. And as ideas begin to take shape, convictions start to form and a general sense of where the market is headed is reached.

It is almost always a humbling exercise.

For instance, just consider a subset of the important macro/​market events from this year

What might recent AI developments mean for your investment portfolio? In this episode, Malcolm White joins host Zayla Saunders to explore the pace of innovation and the potential spending shifts emerging from the most recent earnings season — and why the ripple effects may be worth paying attention to, wherever you’re invested. Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Malcolm White, Director and Portfolio Manager of Global Equities at BMO GAM. This episode was recorded live on Wednesday, March 04, 2026.

Turn volatility into cash flow with our top 6 picks yielding 6% or more, for investors seeking to reduce volatility relative to broad markets while enhancing the level of yield in their portfolios.

With Q4 2025 earnings largely complete and 75% of S&P 500 companies beating expectations, fundamentals remain constructive. That said, market leadership in 2026 looks very different than in 2025. Energy leads at +23% year-to-date (YTD), while Technology is down -3.4%, highlighting a clear rotation away from last year’s growth leaders.

After a muted initial reaction to the U.S.-Israel strikes on Iran and risk that the conflict may rapidly widen, energy markets have started pricing in darker scenarios. In this episode, Bipan is joined by TD Securities commodities strategist Daniel Ghali, where the pair discuss the extent to which crude prices may rise further, as well as implications for the broader global commodities complex. This episode was recorded live on March 4, 2026.

In this episode, Bipan Rai, Sohrab Movahedi, and your host, Skye Collyer, unpack Canada’s ​‘Big Six’ banks’ Q1 2026 earnings — cutting through the noise on tariffs, growth drivers, and what resilience looks like in an uncertain macro environment. Skye Collyer is a Director of ETF Distribution at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Sohrab Movahedi, Managing Director of Financials Research at BMO Capital Markets. This episode was recorded live on Tuesday, March 03, 2026.

Latest strategies and offerings from BMO Exchange Traded Funds

For Canadian investors eyeing opportunities abroad, the question isn’t just where — it’s how. In this episode, Hilly Cutler joins host Saakshi Mehta to unpack international equities, covering the hedged versus unhedged debate, the regions and trends worth watching, and key trading practices for foreign market ETFs.

With the US market continuing to draw investor attention, Bipan surveys the current state of play, covering what the latest US data means for Fed policy and positioning, why AI’s productivity gains may benefit a narrow set of market participants rather than the broader economy, and where he sees hedging opportunities in the US dollar moving forward. This podcast was recorded live on February 18, 2026.

With the S&P 500 more concentrated than ever and international markets gaining momentum, how are investors building more resilient portfolios? In this episode, Roxanne Lapenna and Hilly Cutler join host Andrew Vachon to break down the latest ETF launches and what they could mean for income, diversification, and long-term returns. Andrew Vachon is Vice President of Product Marketing at BMO Global Asset Management (BMO GAM). He is joined on the podcast by Roxane Lapenna, Head of Retail Investment Specialists at BMO GAM and Hilly Cutler, Director, Portfolio Consulting and Senior Portfolio Consultant at BMO GAM. This episode was recorded live on Wednesday, February 18, 2026.

What happens when an aging population reshapes an entire nation’s financial future? In this episode, Alain Desbiens joins host Michelle Allen to unpack how Canada’s demographic shift is transforming retirement planning, creating new challenges — and long‑term opportunities — for today’s investors. Michelle Allen is Senior Associate, Online Distribution at BMO Exchange Traded Funds and Alain Desbiens is Vice Chair of BMO Exchange Traded Funds. This episode was recorded live on Tuesday, February 10, 2026.

Money Market and Ultra Short-Term Bonds

Two simmering forces have helped drive historic swings in gold and silver prices in recent weeks: further erosion in the U.S. dollar’s global reserve currency status, as well as a shift among several governments to prioritize the stockpiling of resources and industrial production. Bipan is joined by Daniel Ghali, senior commodity strategist at TD Securities, to discuss the outlook for the precious metals as well as copper in the wake of the remarkable price action. This podcast was recorded live on February 3, 2026. 

A long position equal-weight in U.S. equity cuts reliance on a small group of names needing to remain perfect. And as AI-related technologies diffuse into other sectors, there’s a strong case for broader earnings growth this year.

We are still in the early days of the 2025 Q4 earnings season, but the market’s tone has already shifted. January marked a decisive move away from the narrow leadership that defined much of last year and toward broader participation across sectors.

Gold’s surge past $5,000 (U.S.) an ounce amid policy rate pauses from both the Federal Reserve and Bank of Canada have given macroeconomic watchers much to discuss. Bipan is joined by RBC Capital Markets’ Jason Daw to talk about what they expect for yields, term premia, trade risks and more. This podcast was record live on January 29, 2026.

For Canadian investors, choosing between hedged and unhedged ETFs is a key decision when building global portfolios. In this episode, Bipan Rai and Jennifer Li join host Erika Toth to discuss how these preferences have evolved in recent years, how advisors can align hedging decisions with clients’ investment policies, and the foreign exchange dynamics shaping Canada’s ETF market. Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). She is joined by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM, and Jennifer Li, Director, Institutional ETF Sales at CIBC Capital Markets. This podcast episode was recorded live on Wednesday, January 28, 2026.

A look into the methodology that drives BMO Global Asset Management’s quantitative team mandates — a disciplined core process working in lockstep with strategy-specific constraints to produced a set of robust, proven strategies.

Stubborn inflation, geopolitical fragmentation and rising climate risks are coalescing to form a new paradigm for asset allocators. A broad exposure to the building blocks of the economy provides both protection, and potential.

Strong markets may have pushed portfolio returns ahead of schedule. Long-short, low-beta, and options-based strategies offer ways to protect gains, reduce risk, and remain allocated — without sacrificing long-term objectives.

Back by popular demand, we’re revisiting our BMO ETFs 2026 outlook. In this replay episode, join Bipan Rai and host Erika Toth as they break down key trends, highlight top ETF opportunities, and share strategies to help investors stay resilient in the months ahead.  Erika Toth is Director and Head of ETF and Portfolio Consulting at BMO Global Asset Management (BMO GAM). Bipan Rai is Head of ETF Strategy, Exchange Traded Funds at BMO GAM. This episode was recorded live on Wednesday, January 7, 2026.

A deep dive into the methodology behind our earnings model for U.S. sectors, determining where optimism looks stretched and which sectors are positioned to outperform.

From shifting policy signals to growing interest in commodities, the investing playbook is evolving. In this episode, ETF and Alternatives Strategist Bipan Rai and host Michelle Allen discuss what these developments could mean for portfolio strategies and fixed income positioning this quarter. Michelle Allen is Senior Associate, Online Distribution at BMO Exchange Traded Funds and Bipan Rai is Head of ETF Strategy, Exchange Traded Funds at BMO GAM. The episode was recorded live on Wednesday, January 14, 2026.

It’s the beginning of the year and we’re witnessing a rotation into cyclicals. Industrials and Materials were up over 7% in the past month. Utilities and Consumer Staples were down close to 2% during the same period. This reflects a risk-on tone as investors position for growth.

The new year has begun with no shortage of fireworks for bond investors, with multiple geopolitical shocks confronting credit markets. Bipan is joined by Vishang Chawla, active fixed income portfolio manager at BMO Global Asset Management, to discuss how credit markets are responding, and what could drive yields as well as allocation decisions over the balance of 2026. This podcast was recorded live on January 13, 2026. 

Ever been to a really good party that you didn’t want to end? Remember that feeling you get when the lights start to come back on, the bar is closing and the music is winding down? There’s a slight wistfulness that the fun is over and it’s time to go home – even if you feel like it’s still a bit too early and want to keep dancing.

This is the second quarter for our Tax efficient portfolio.* This portfolio is meant to follow the same fundamental framework as our Balanced Portfolio, though the instruments are adjusted to be more tax efficient for Canadian investors.

The North American fixed income space remains at a crossroads. In the front-end, U.S. yields are expected to be under some pressure given the potential for additional Federal Reserve (Fed) cuts (due to a deteriorating labour backdrop) while Canadian dollar (CAD) yields are likely to better supported. The big caveat for the latter is (of course) the status of the United States – Mexico – Canada Agreement (USMCA) trade deal in the coming quarters.

Asset allocation ETFs offer simplicity, diversification, and low fees — making them an increasingly popular choice for Canadian investors. But with more than 90 options on the market, finding the best fit can be challenging. In today’s episode, Alain Desbiens joins host Danielle Neziol to explore the unique benefits of these all-in-one solutions and highlight BMO ETFs that can help investors build wealth and manage income more effectively — whether starting out or planning for retirement.

As 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.

A variety of factors, from positive correlations between stocks and bonds to improving access via new products and fund structures, have made alternative asset classes increasingly important considerations in allocation decisions. John de Goey, author and portfolio manager at Designed Wealth Management, joins Bipan to discuss his approach to alternatives, and the future of alts in Canadian portfolios. This podcast was recorded live on December 16, 2025.

As 2025 nears its close, your host Erika Toth sits down with special guests Dante Rossi and Erin Allen to talk about tax-loss harvesting — including important dates to remember — and tips to help investors navigate year-end.

Canada’s latest budget marks a major pivot toward long-term growth, with C$115B in infrastructure spending alongside substantial allocations for defense and housing. Alongside those investments, the Feds are encouraging private sector participation via regulatory streamlining and tax incentives.

What’s in the 2025 Federal Budget? In today’s episode, special guest Larry Berman and your host, Danielle Neziol, delve into the government’s extensive proposal and what it could mean for the Canadian economy and investors.

Q3 2025 earnings have been broadly resilient, with 87% of S&P 500 companies beating earnings per share (EPS) estimates as of October 31. But beneath the strong headline numbers, earnings breadth is narrowing. Markets are increasingly rewarding companies and sectors that meet two critical tests: 1) Turning AI/capex investments into credible gains; 2) Operating in sectors with structural quality (cash flow resilience, healthy balance sheets)

In today’s episode, special guest Mark Jarosz and your host, Zayla Saunders, revisit CLO ETFs. This time, they explore the middle of the capital stack that has BBB-tranches, which they’re calling a sweet spot. Stay tuned to find out why. Zayla Saunders is a Senior Associate of Online Distribution at BMO Global Asset Management (GAM). She is joined on the podcast by Mark Jarosz, Head, Private Credit, Alternatives at BMO GAM. The episode was recorded live on Tuesday, October 14, 2025.

Looking for portfolio diversifiers? In this episode, special guests Roxane Lapenna, Jimmy Xu and your host, Andrew Vachon, delve into one of the world’s oldest assets, Gold, as well as the wider commodities complex, and several ways an exposure can help strengthen diversification. Andrew Vachon is Vice President of Product Marketing at BMO Global Asset Management (BMO GAM). He is joined on the podcast by Roxane Lapenna, Head of Retail Investment Specialists at BMO GAM and Jimmy Xu, Head, Liquid Alts and Non Linear ETFs at BMO GAM. The episode was recorded live on Wednesday, October 29, 2025.

There has been a lot of demand for the safe haven of gold in 2025, while global central banks as well as investors in general remain bullish. Yet the precious metal is part of a wider commodities complex that holds several benefits that can aid client portfolios.

The AI capex boom is helping spur equity valuations higher, but prompting worries about a potentially painful market correction. Brent Joyce of BMO Private Wealth, joins Bipan to discuss why this cycle truly is different, as well as the outlook for earnings through next year. This podcast was recorded live on October 23, 2025.

Where should investors be looking abroad? In this deep dive episode, Bipan Rai, Johan Ahlberg, and your host, Erika Toth, put international equities under the microscope. They explore trends in recent flows data, ways to diversify outside of Canada with ETFs and CDRs, and the outlook for the months ahead. Erika Toth is Director, Institutional & Advisory, Eastern Canada 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 Johan Ahlberg, Director, Development & Strategic Advisory, Structured Solutions at BMO GAM. The episode was recorded live on Wednesday, October 22, 2025.

There is an important and meaningful difference between the current AI capex boom and the Tech bubble from 25 years ago. That being that the current AI spending boom is largely funded by internal cash flows as opposed to external (debt) financing.

In our first ​‘Tax Efficient’ Portfolio, we are following the same fundamental rationale as our ​‘Balanced Portfolio’ with a few caveats. First, we are prioritizing capital gains over income. This means focusing more on discount bonds in the fixed income sleeve of our portfolio while also continuing to prioritize shorter duration products.

As an example, we have removed ZBI and replaced it with ZCDB (BMO Corporate Discount Bond ETF) at a lower weight. We are also increasing the weight of ZDB in this portfolio to 10% (from 5% in our balanced fund).

Second, we are prioritizing Canadian and U.S. underlying holdings over international investments. That means a greater weight for core exposures in ZCN and ZUQ. At the same time, we are removing ZIQ and ZEM.

For the tactical exposures, we have elected to go with a covered call strategy for Tech ZWT (BMO Covered Call Technology ETF) as well as a covered call strategy for Utilities ZWU (BMO Covered Call Utilities ETF). Both allow us to earn tax efficient income in sectors that we think should still continue to perform.

Additionally, both of the aforementioned strategies will help to make up for the relatively lower income that comes with utilizing discount bond ETFs in the fixed income sleeve.

We are also removing our exposure to ZGI (BMO Global Infrastructure Index ETF) and reallocating that to ZLSC (BMO Long Short Canadian Equity ETF).

As markets continue to send contradictory signals, ETF and Alternatives Strategist, Bipan Rai and host, Michelle Allen, analyze which parts of the prevailing narrative are fact — and which are fiction. Michelle Allen is a Senior Associate, Online Distribution, at BMO Exchange Traded Funds. She is joined on the podcast by Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO Global Asset Management. The episode was recorded live on Wednesday, October 15, 2025.

Today, we have a special treat for our listeners — a deep dive episode of the BMO Smarter Investing podcast. Join Kevin Prins and your host, Erin Allen, as they delve into the transformative world of asset allocation ETFs. Discover their growth, benefits, and how they simplify investing for both novice and seasoned investors.

In the Q3 edition of this report, we were more constructive on our outlook for the U.S. fixed income space relative to Canada. This reflected our view at the time that the market was underpricing the risk of Federal Reserve (Fed) rate cuts in the fall, while the Bank of Canada (BoC) was likely at the end of its cycle.

Fast forward three months, we’ve largely seen this story play out. U.S. rates have outperformed as Canadian dollar (CAD)-U.S. dollar (USD) spreads have tightened aggressively across the curve.

There is a deep contradiction between perception and reality that is currently playing out in the U.S. economic landscape. In many ways, it reminds us of the setting to the famous 1999 movie, The Matrix (a friendly spoiler alert for those that haven’t seen it – skip ahead to the next paragraph). In the movie, the world in which the protagonist wakes up is a simulated reality powered by an engine that most don’t see. This ​“invisible engine” dynamic helps us square the inconsistency between the prevailing narrative of U.S. economic fragility and incoming data that shows resilience.

While Quality has had a tough year so far, we expect it to perform going forward. This is largely due to a shifting macro backdrop that favours firms with stable earnings, a still-restrictive Fed monetary policy regime, and exposure to AI.

Analyzing the historical track record of key composite leading indicators provides an understanding of where we are in the current cycle, and contextualizes the expected performance of various areas of the economy.

Despite the recovery in broad risk over the past few months, the underlying issue remains the same. The decades-long integration of global trade — with the United States at the hub — has been permanently disrupted. And unless we see a complete reversal from the Trump administration, the current regime of higher trade barriers is likely here to stay.

What’s more, we also appear to be in the early stages of something more nefarious — a capital war. As congressional members pass the ​“One, Big, Beautifull Bill Act”, a provision like Section 899, even if excluded, should send a reminder to non-U.S. investors that foreign investment is becoming less welcome than it has been in the past.

As the global trade paradigm shifts, countries are reassessing old economic configurations.

Consider, that with the United States retreating from free trade, developed market economies can now expect the contribution from net trade to economic growth to decline in the coming years. Indeed, those same economies will now need to chart a different course as the degree of access to U.S. markets has changed dramatically.

A new floor price for world oil prices as well as rising forecasts for gold are two among many implications traders are weighing as tensions simmer between Iran, Israel as well as the United States. Bipan is joined by TD Securities strategist Daniel Ghali to discuss what impact the conflict has had on commodity and energy price expectations. This podcast was recorded live on June 24, 2025.

In today’s episode, special guest Jeremy Fehr, and your host, Erika Toth, dive into the history of SIA Wealth and explore its innovative approach to tactical investing through relative strength technology. Erika Toth is a Director of Institutional and Advisory at BMO Global Asset Management. She is joined on the podcast by Jeremy Fehr, Chief Executive Officer & Founder, SIA Wealth Management & SIACharts. The episode was recorded live on Tuesday, May 13, 2025.

Looking to invest overseas with ease? In this deep-dive episode, special guests Johan Ahlberg, and Acushla Vestby, from BMO Global Asset Management’s Structured Solutions team, and your host, Erin Allen, explore the fundamentals of Canadian Depositary Receipts (CDRs) and how they give investors greater access to foreign markets. Erin Allen is Vice President of ETF Online Distribution at BMO Exchange Traded Funds. She is joined on the podcast by Johan Ahlberg, Director of Development and Strategy Advisory, Structured Solutions, at BMO Global Asset Management (BMO GAM) and Acushla Vestby, Managing Director and Head of Structured Solutions and National Accounts, at BMO GAM. The episode was recorded live on Thursday, January 30, 2025.

As a shifting economic backdrop fans recession fears in the U.S., is a soft landing still on the table? In this episode, ETF Strategist Bipan Rai, and your host, Erika Toth, analyze the market outlook. They also discuss our third quarter investment strategy reports and portfolio construction across asset classes. Erika Toth is a Director of Institutional and Advisory for Eastern Canada at BMO Global Asset Management (BMO GAM). She is joined on the podcast by Bipan Rai, Head of ETF Strategy, at BMO GAM. The episode was recorded live on Wednesday, August 28, 2024.

Enhanced Cashflow with Covered Calls

A long-short strategy is a popular alternative strategy that has been traditionally used by hedge funds that combines long and short positions within a portfolio to capitalize on rises and declines in stock prices at the same time. The goal of the strategy is to generate better risk adjusted returns by benefitting from both directions of price movements in the market.

When markets spiral, Advisors’ phones start ringing. To help with those tough client conversations, BMO GAM has compiled actionable resources to talk about volatility.

With inflation running hot, investment counselors and family offices may want to re-assess their portfolio’s factor tilts. To this end, Erika Toth, Director, Institutional & Advisory, BMO ETFs, offers insights into how factors perform across different interest rate regimes and market cycles.

Views on the fiduciary responsibility to re-think your bond exposure, screen for ESG risks and overcome the obstacles to implementation.