BMO Asset Management Inc. and BMO Investments Inc. today announced the estimated 2025 annual reinvested distributions for BMO Exchange Traded Funds (BMO ETFs) or ETF Series of BMO Mutual Funds (ETF Series)1. These annual reinvested distributions generally represent realized capital gains and special income within the BMO ETFs and ETF Series, and are paid to unitholders, as required, to ensure that the BMO ETFs and ETF Series are not liable for ordinary income tax.
Unitholders of record at close of business on December 31, 2025, will receive the 2025 annual reinvested distributions. The final year-end distribution amounts, as well as the ongoing cash distribution amounts, are expected to be announced on or about December 18, 2025. The actual taxable amounts, including the tax characteristics, will be reported in 2026.
Please note that these are estimated annual reinvested distributions only and have been calculated based upon forward-looking information as of September 30, 20252. If the forward-looking information changes, the estimated annual reinvested distributions may also change.
These estimates are for the annual reinvested distributions only and do not include estimates of ongoing cash distribution amounts.
Details of the per-unit estimated annual reinvested distribution amounts are as follows:
FUND NAME Ticker ESTIMATED REINVESTED DISTRIBUTION ($)BMO AAA CLO ETF ZAAA 0.000BMO AAA CLO ETF (Hedged Units) ZAAA.F 0.000BMO AAA CLO ETF (USD Units*) ZAAA.U 0.000BMO Aggregate Bond Index ETF ZAG 0.000BMO All-Equity ETF ZEQT 0.051BMO Balanced ESG ETF ZESG 0.000BMO Balanced ETF (Fixed Percentage Distribution Units) ZBAL.T 0.041BMO Balanced ETF ZBAL 0.067BMO BBB CLO ETF ZBBZ 0.001BMO BBB CLO ETF (Hedged Units) ZBBZ.F 0.001BMO BBB CLO ETF (USD Units*) ZBBZ.U 0.001BMO BBB Corporate Bond Index ETF ZBBB 0.000BMO Broad Commodity ETF ZCOM 0.000BMO Brookfield Global Real Estate Tech Fund (ETF Series) TOWR 0.000BMO Brookfield Global Renewables Infrastructure Fund (ETF Series) GRNI 0.000BMO Canadian Bank Income Index ETF ZBI 0.161BMO Canadian Core Plus US Balanced ETF ZBCB 0.137BMO Canadian Dividend ETF ZDV 2.074BMO Canadian Equity Plus ETF ZBEC 0.069BMO Canadian High Dividend Covered Call ETF ZWC 0.000BMO Canadian MBS Index ETF ZMBS 0.193BMO Clean Energy Index ETF ZCLN 0.000BMO Conservative ETF ZCON 0.069BMO Core Plus Bond Fund (ETF Series) ZCPB 0.000BMO Corporate Bond Index ETF ZCB 0.000BMO Corporate Discount Bond ETF ZCDB 0.413BMO Covered Call Canadian Banks ETF ZWB 0.000BMO Covered Call Canadian Banks ETF (USD Units*) ZWB.U 0.000BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF ZWA 0.000BMO Covered Call Energy ETF ZWEN 0.000BMO Covered Call Health Care ETF ZWHC 0.000BMO Covered Call Spread Gold Bullion ETF ZWGD 0.000BMO Covered Call Technology ETF ZWT 0.000BMO Covered Call US Banks ETF ZWK 0.000BMO Covered Call Utilities ETF ZWU 0.000BMO Discount Bond Index ETF ZDB 0.000BMO Dow Jones Industrial Average Hedged to CAD Index ETF ZDJ 0.057BMO Emerging Markets Bond Hedged to CAD Index ETF ZEF 0.000BMO Equal Weight Banks Index ETF ZEB 0.000BMO Equal Weight Global Base Metals Hedged to CAD Index ETF ZMT 0.000BMO Equal Weight Global Gold Index ETF ZGD 15.398BMO Equal Weight Industrials Index ETF ZIN 0.000BMO Equal Weight Oil & Gas Index ETF ZEO 0.391BMO Equal Weight REITs Index ETF ZRE 0.233BMO Equal Weight US Banks Hedged to CAD Index ETF ZUB 0.000BMO Equal Weight US Banks Index ETF ZBK 0.000BMO Equal Weight US Health Care Hedged to CAD Index ETF ZUH 0.000BMO Equal Weight US Health Care Index ETF ZHU 0.000BMO Equal Weight Utilities Index ETF ZUT 0.106BMO ESG Corporate Bond Index ETF ESGB 0.000BMO ESG US Corporate Bond Hedged to CAD Index ETF ESGF 0.000BMO Europe High Dividend Covered Call ETF ZWP 0.000BMO Europe High Dividend Covered Call Hedged to CAD ETF ZWE 0.000BMO Floating Rate High Yield ETF ZFH 0.000BMO Global Agriculture ETF ZEAT 0.000BMO Global Communications Index ETF COMM 0.913BMO Global Consumer Discretionary Hedged to CAD Index ETF DISC 1.088BMO Global Consumer Staples Hedged to CAD Index ETF STPL 0.042BMO Global Dividend Opportunities Fund (Active ETF Series) BGDV 1.315BMO Global Enhanced Income Fund (ETF Series) ZWQT 0.000BMO Global Equity Fund (Active ETF Series) BGEQ 0.427BMO Global Health Care Fund (Active ETF Series) BGHC 0.000BMO Global High Dividend Covered Call ETF ZWG 1.185BMO Global Infrastructure Fund (Active ETF Series) BGIF 0.000BMO Global Infrastructure Index ETF ZGI 0.247BMO Global Innovators Fund (Active ETF Series) BGIN 0.000BMO Global REIT Fund (Active ETF Series) BGRT 0.000BMO Global Strategic Bond Fund (ETF Series) ZGSB 0.000BMO Gold Bullion ETF ZGLD 0.000BMO Gold Bullion ETF (USD Units*) ZGLD.U 0.000BMO Gold Bullion Hedged to CAD ETF ZGLH 0.000BMO Government Bond Index ETF ZGB 0.000BMO Growth ETF (Fixed Percentage Distribution Units) ZGRO.T 0.018BMO Growth ETF ZGRO 0.085BMO High Quality Corporate Bond Index ETF ZQB 0.000BMO High Yield US Corporate Bond Hedged to CAD Index ETF ZHY 0.000BMO High Yield US Corporate Bond Index ETF ZJK 0.000BMO High Yield US Corporate Bond Index ETF (USD Units*) ZJK.U 0.000BMO Human Capital Factor US Equity ETF ZHC 0.026BMO International Dividend ETF ZDI 2.207BMO International Dividend Hedged to CAD ETF ZDH 0.000BMO Japan Index ETF ZJPN 0.037BMO Japan Index ETF (Hedged Units) ZJPN.F 0.000BMO Junior Gold Index ETF ZJG 0.000BMO Laddered Preferred Share Index ETF ZPR 0.000BMO Laddered Preferred Share Index ETF (USD Units*) ZPR.U 0.000BMO Long Corporate Bond Index ETF ZLC 0.000BMO Long Federal Bond Index ETF ZFL 0.000BMO Long Provincial Bond Index ETF ZPL 0.000BMO Long Short Canadian Equity ETF ZLSC 0.000BMO Long Short US Equity ETF ZLSU 0.000BMO Long-Term US Treasury Bond Index ETF ZTL 0.000BMO Long-Term US Treasury Bond Index ETF (Hedged Units) ZTL.F 0.000BMO Long-Term US Treasury Bond Index ETF (USD Units*) ZTL.U 0.000BMO Low Volatility Canadian Equity ETF ZLB 0.852BMO Low Volatility Emerging Markets Equity ETF ZLE 0.000BMO Low Volatility International Equity ETF ZLI 0.000BMO Low Volatility International Equity Hedged to CAD ETF ZLD 0.000BMO Low Volatility US Equity ETF ZLU 0.740BMO Low Volatility US Equity ETF (USD Units*) ZLU.U 0.420BMO Low Volatility US Equity Hedged to CAD ETF ZLH 0.000BMO Mid Corporate Bond Index ETF ZCM 0.000BMO Mid Federal Bond Index ETF ZFM 0.000BMO Mid Provincial Bond Index ETF ZMP 0.000BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF ZMU 0.000BMO Mid-Term US IG Corporate Bond Index ETF ZIC 0.000BMO Mid-Term US IG Corporate Bond Index ETF (USD Units*) ZIC.U 0.000BMO Mid-Term US Treasury Bond Index ETF ZTM 0.000BMO Mid-Term US Treasury Bond Index ETF (USD Units*) ZTM.U 0.000BMO Money Market Fund (ETF Series) ZMMK 0.000BMO Monthly Income ETF ZMI 0.325BMO Monthly Income ETF (USD Units*) ZMI.U 0.000BMO MSCI ACWI Paris Aligned Climate Equity Index ETF ZGRN 0.000BMO MSCI All Country World High Quality Index ETF ZGQ 0.000BMO MSCI Canada Selection Equity Index ETF ESGA 0.429BMO MSCI Canada Value Index ETF ZVC 0.000BMO MSCI China Selection Equity Index ETF ZCH 0.000BMO MSCI EAFE Hedged to CAD Index ETF ZDM 0.000BMO MSCI EAFE High Quality Index ETF ZIQ 0.119BMO MSCI EAFE Index ETF ZEA 0.000BMO MSCI EAFE Selection Equity Index ETF ESGE 0.000BMO MSCI Emerging Markets Index ETF ZEM 0.000BMO MSCI Europe High Quality Hedged to CAD Index ETF ZEQ 0.000BMO MSCI Global Selection Equity Index ETF ESGG 0.000BMO MSCI India Selection Equity Index ETF ZID 2.142BMO MSCI USA High Quality Index ETF ZUQ 0.000BMO MSCI USA High Quality Index ETF (Hedged Units) ZUQ.F 0.000BMO MSCI USA High Quality Index ETF (USD Units*) ZUQ.U 0.000BMO MSCI USA Selection Equity Index ETF ESGY 0.000BMO MSCI USA Selection Equity Index ETF (Hedged Units) ESGY.F 0.000BMO MSCI USA Value Index ETF ZVU 0.000BMO Nasdaq 100 Equity Hedged to CAD Index ETF ZQQ 7.118BMO NASDAQ 100 Equity Index ETF ZNQ 0.085BMO NASDAQ 100 Equity Index ETF (USD Units*) ZNQ.U 0.000BMO Premium Yield ETF ZPAY 1.227BMO Premium Yield ETF (Hedged Units) ZPAY.F 1.307BMO Premium Yield ETF (USD Units*) ZPAY.U 0.934BMO Real Return Bond Index ETF ZRR 0.000BMO S&P 500 Hedged to CAD Index ETF ZUE 1.073BMO S&P 500 Index ETF ZSP 0.000BMO S&P 500 Index ETF (USD Units*) ZSP.U 0.000BMO S&P US Mid Cap Index ETF ZMID 0.769BMO S&P US Mid Cap Index ETF (Hedged Units) ZMID.F 0.000BMO S&P US Mid Cap Index ETF (USD Units*) ZMID.U 0.000BMO S&P US Small Cap Index ETF ZSML 0.000BMO S&P US Small Cap Index ETF (Hedged Units) ZSML.F 0.000BMO S&P US Small Cap Index ETF (USD Units*) ZSML.U 0.000BMO S&P/TSX 60 Index ETF ZIU 0.000BMO S&P/TSX Capped Composite Index ETF ZCN 0.000BMO Short Corporate Bond Index ETF ZCS 0.000BMO Short Corporate Bond Index ETF (Accumulating Units) ZCS.L 0.113BMO Short Federal Bond Index ETF ZFS 0.000BMO Short Federal Bond Index ETF (Accumulating Units) ZFS.L 0.057BMO Short Provincial Bond Index ETF ZPS 0.000BMO Short Provincial Bond Index ETF (Accumulating Units) ZPS.L 0.029BMO Short-Term Bond Index ETF ZSB 0.000BMO Short-Term Discount Bond ETF ZSDB 0.274BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF ZSU 0.000BMO Short-Term US TIPS Index ETF ZTIP 0.000BMO Short-Term US TIPS Index ETF (Hedged Units) ZTIP.F 0.000BMO Short-Term US TIPS Index ETF (USD Units*) ZTIP.U 0.000BMO Short-Term US Treasury Bond Index ETF ZTS 0.000BMO Short-Term US Treasury Bond Index ETF (USD Units*) ZTS.U 0.000BMO SIA Focused Canadian Equity Fund (ETF Series) ZFC 0.000BMO SIA Focused North American Equity Fund (ETF Series) ZFN 0.000BMO SPDR Communication Services Select Sector Index ETF ZXLC 0.000BMO SPDR Communication Services Select Sector Index ETF (Hedged Units) ZXLC.F 0.250BMO SPDR Consumer Discretionary Select Sector Index ETF ZXLY 0.000BMO SPDR Consumer Discretionary Select Sector Index ETF (Hedged Units) ZXLY.F 0.000BMO SPDR Consumer Staples Select Sector Index ETF ZXLP 0.000BMO SPDR Consumer Staples Select Sector Index ETF (Hedged Units) ZXLP.F 1.009BMO SPDR Energy Select Sector Index ETF ZXLE 0.000BMO SPDR Energy Select Sector Index ETF (Hedged Units) ZXLE.F 0.000BMO SPDR Financials Select Sector Index ETF ZXLF 0.000BMO SPDR Financials Select Sector Index ETF (Hedged Units) ZXLF.F 0.863BMO SPDR Health Care Select Sector Index ETF ZXLV 0.000BMO SPDR Health Care Select Sector Index ETF (Hedged Units) ZXLV.F 0.489BMO SPDR Industrials Select Sector Index ETF ZXLI 0.000BMO SPDR Industrials Select Sector Index ETF (Hedged Units) ZXLI.F 0.000BMO SPDR Materials Select Sector Index ETF ZXLB 0.000BMO SPDR Materials Select Sector Index ETF (Hedged Units) ZXLB.F 1.373BMO SPDR Real Estate Select Sector Index ETF ZXLR 0.000BMO SPDR Real Estate Select Sector Index ETF (Hedged Units) ZXLR.F 0.564BMO SPDR Technology Select Sector Index ETF ZXLK 0.000BMO SPDR Technology Select Sector Index ETF (Hedged Units) ZXLK.F 0.000BMO SPDR Utilities Select Sector Index ETF ZXLU 0.005BMO SPDR Utilities Select Sector Index ETF (Hedged Units) ZXLU.F 0.048BMO Sustainable Global Multi-Sector Bond Fund (ETF Series) ZMSB 0.000BMO Tactical Dividend ETF Fund (ETF Series) ZZZD 0.000BMO Target 2027 Canadian Corporate Bond ETF ZXCO 0.004BMO Target 2028 Canadian Corporate Bond ETF ZXCP 0.003BMO Target 2029 Canadian Corporate Bond ETF ZXCQ 0.004BMO U.S. All Cap Equity Fund (ETF Series) ZACE 0.000BMO Ultra Short-Term Bond ETF ZST 0.438BMO Ultra Short-Term Bond ETF (Accumulating Units) ZST.L 0.486BMO Ultra Short-Term US Bond ETF (USD Units*) ZUS.U 0.000BMO Ultra Short-Term US Bond ETF (USD Accumulating Units*) ZUS.V 0.720BMO US Aggregate Bond Index ETF ZUAG 0.000BMO US Aggregate Bond Index ETF (Hedged Units) ZUAG.F 0.000BMO US Aggregate Bond Index ETF (USD Units*) ZUAG.U 0.000BMO US Dividend ETF ZDY 2.276BMO US Dividend ETF (USD Units*) ZDY.U 2.509BMO US Dividend Growth ETF ZBDU 0.197BMO US Dividend Growth ETF (Hedged Units) ZBDU.F 0.398BMO US Dividend Hedged to CAD ETF ZUD 0.000BMO US Equity Buffer Hedged to CAD ETF – April ZAPR 0.435BMO US Equity Buffer Hedged to CAD ETF – January ZJAN 0.000BMO US Equity Buffer Hedged to CAD ETF – July ZJUL 0.128BMO US Equity Buffer Hedged to CAD ETF – October ZOCT 0.000BMO US Equity Focused ETF ZBEU 0.143BMO US Equity Focused ETF (Hedged Units) ZBEU.F 0.193BMO US High Dividend Covered Call ETF ZWH 0.000BMO US High Dividend Covered Call ETF (USD Units*) ZWH.U 0.000BMO US High Dividend Covered Call Hedged to CAD ETF ZWS 0.000BMO US Large Cap Disciplined Value ETF ZBVU 0.430BMO US Preferred Share Hedged to CAD Index ETF ZHP 0.000BMO US Preferred Share Index ETF ZUP 0.000BMO US Preferred Share Index ETF (USD Units*) ZUP.U 0.000BMO US Put Write ETF ZPW 0.000BMO US Put Write ETF (USD Units*) ZPW.U 0.000BMO US Put Write Hedged to CAD ETF ZPH 0.000BMO USD Cash Management ETF ZUCM 0.000BMO USD Cash Management ETF (USD Units*) ZUCM.U 0.000BMO Women in Leadership Fund (ETF Series) WOMN 0.000
*Estimated reinvested distribution per unit ($) amounts are USD for ZAAA.U, ZBBZ.U, ZWB.U, ZGLD.U, ZJK.U, ZPR.U, ZTL.U, ZLU.U, ZIC.U, ZTM.U, ZMI.U, ZUQ.U, ZNQ.U, ZPAY.U, ZSP.U, ZMID.U, ZSML.U, ZTIP.U, ZTS.U, ZUS.U, ZUAG.U, ZDY.U, ZWH.U, ZUP.U, ZUS.V, ZPW.U & ZUCM.U.1 BMO ETFs are managed by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. ETF Series of the BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal.2 Forward-looking information: This notice contains forward-looking statements with respect to the estimated annual distributions for the BMO ETFs and ETF Series of BMO Funds. By their nature, these forward-looking statements involve risks and uncertainties that could cause the actual distributions to differ materially from those contemplated by the forward-looking statements. Material factors that could cause the actual distributions to differ from the estimated distributions include, but are not limited to: the actual amounts of distributions received by the ETFs; portfolio transactions; and subscription and redemption activity.
Distribution estimates do not denote the yield a client may receive. All values are expressed in Canadian dollars, unless otherwise indicated. Totals may not sum due to rounding. The year-end distribution estimates are provided by BMO Global Asset Management (GAM) and are for information purposes only. They do not reflect final attributions for tax purposes. For more information, please obtain professional advice.
The Dow Jones Industrial Average Index CAD Hedged is a product of Dow Jones Opco, LLC (“Dow Jones Opco”), a subsidiary of S&P Dow Jones Indices LLC, and has been licensed for use. “Dow Jones®” and “Industrial Average Index CAD Hedged” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”), and have been licensed to Dow Jones Opco and sublicensed by BMO Asset Management Inc. in connection with ZWA and ZDJ. ZWA and ZDJ are not sponsored, endorsed, sold or promoted by Dow Jones Opco, Dow Jones and their respective affiliates, and they make no representation regarding the advisability of trading or investing in ZWA and ZDJ.
S&P®, S&P/TSX Capped Composite®, S&P 500® are trademarks of Standard & Poor's Financial Services LLC (“S&P”). “TSX” is a trademark of TSX Inc. These trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed to BMO Asset Management Inc. in connection with ZCN, ZUE, ZIU, ZCN, ZSP, ZSP.U, ZMID, ZMID.F, ZMID.U, ZSML, ZSML.F, and ZSML.U. These BMO ETFs are not sponsored, endorsed, sold or promoted by S&P Dow Jones LLC, S&P, TSX, or their respective affiliates and S&P Dow Jones Indices LLC, S&P, TSX and their affiliates make no representation regarding the advisability of trading or investing in such BMO ETFs.
NASDAQ®, and NASDAQ-100 Index® Hedged to CAD and BMO NASDAQ 100 Equity Index ETF, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by BMO Asset Management Inc. BMO Nasdaq 100 Equity Hedged to CAD Index ETF has not been passed on by the Corporations as to their legality or suitability and is not issued, endorsed, sold, or promoted by the Corporations. The corporations make no warranties and bear no liability with respect to the BMO Nasdaq 100 Equity Hedged to CAD Index ETF and BMO NASDAQ 100 Equity Index ETF (including USD Units).
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.
Further information about BMO ETFs and ETF Series of the BMO Mutual Funds can be found at www.bmoetfs.com.
Commissions, management fees and expenses all may be associated with investments in BMO ETFs and ETF Series of the BMO Mutual Funds. Please read the applicable ETF Facts document or prospectus before investing. BMO ETFs and ETF Series of the BMO Mutual 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 or ETF Series of the BMO Mutual Funds, please see the specific risks set out in the prospectus. Units of the BMO ETFs and ETF Series securities of the BMO Mutual Funds may be bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. Distributions are not guaranteed and are subject to change and/or elimination.
Distribution rates may change without notice (up or down) depending on market conditions. The payment of distributions should not be confused with an investment fund's performance, rate of return or yield. If distributions paid by an investment fund are greater than the performance of the fund, your original investment will shrink.
Distributions of net income and net taxable gains of a BMO ETF will be included in the unitholder's income for tax purposes in the year they are paid, whether or not such amounts are reinvested in additional units. A unitholder's adjusted cost base will be reduced by the amount of any returns of capital. If a unitholder's adjusted cost base goes below zero, such unitholder will have to pay capital gains tax on the amount below zero. Please refer to the summary of the principal income tax considerations set out in the prospectus for the relevant BMO ETF. Investors should also consult their own tax advisors about their individual circumstances.
“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
About BMO Global Asset Management
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Certain of the products and services offered under the brand name, BMO Global Asset Management, are designed specifically for various categories of investors in Canada and may not be available to all investors.
About BMO Financial GroupBMO Financial Group is the seventh largest bank inNorth Americaby assets, with total assets of$1.4 trillionas ofJuly 31, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers acrossCanada,the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Goodin business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
SOURCE BMO Financial Group
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