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.

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:

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

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2025 ETF Flows: A Milestone Year