From shifting macro regimes to growing stagflation risks, the investment landscape continues to change. In this episode, special guest Bipan Rai and hosts Zayla Saunders and Hilly Cutler discuss central bank divergence, the evolving role of commodities, and what it all means for portfolio construction and positioning in the year ahead.

Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM). She is joined by Hilly Cutler, Director of Portfolio Consulting and Senior Portfolio Consultant at BMO GAM and Bipan Rai, Head of ETF Strategy, Exchange Traded Funds at BMO GAM. This episode was recorded live on Thursday, April 9, 2026.

ETFs mentioned:

Sources:

ETF Flows, according to the National Bank Report, February 2026

Commentary: Lessons from Tuchman

Correlation: A statistical measure of how two securities move in relation to one another. Positive correlation indicates similar movements, up or down together, while negative correlation indicates opposite movements (when one rises, the other falls).

Duration: A measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as number of years. The price of a bond with a longer duration would be expected to rise (fall) more than the price of a bond with lower duration when interest rates fall (rise).

EAFE: Developed markets in Europe, Australasia, and the Far East.

Emerging markets: Major economies and many smaller countries such as China, India, Brazil, South Korea, Taiwan, and South Africa.

FX: Foreign Exchange

Liquidity: The degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price. Cash is considered to be the most liquid asset, while things like fine art or rare books would be relatively illiquid.

Sharpe Ratio: A risk-adjusted return measure calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance.

Strait of Hormuz: A narrow waterway between Oman and Iran that connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. It is considered one of the world’s most strategically significant shipping lanes, through which a substantial share of global oil and liquefied natural gas exports pass.

The Fed: the U.S. Federal Reserve Board

Disclaimers:

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Guided ETF Portfolio Strategy Q2 2026