E199 – Treasuries and Tax-Loss Selling

BMO ETFs: Views from the Desk

Treasuries are back on investors’ minds this week, this time with many looking for a tactical trade at the long end of the curve. In today’s episode, portfolio managers Chris Heakes, Matt Montemurro, and your host, McKenzie Box, explore the upside of a barbell approach as interest rates continue to plateau. They also discuss getting back into dividend stocks, tax-loss harvesting, and making lemonade when markets give you lemons. Read the episode summary. McKenzie Box is Director of Product and Strategy at BMO Global Asset Management. She is joined on the podcast by Matt Montemurro and Chris Heakes, Portfolio Managers and ETF Specialists at BMO Global Asset Management. The episode was recorded live on Wednesday, November 8, 2023. ETFs mentioned in the podcast: BMO Ultra Short-Term Bond ETF (Ticker: ZST) BMO Long Federal Bond Index ETF (Ticker: ZFL) BMO Long-Term US Treasury Bond Index ETF (Ticker: ZTL)* BMO Long-Term US Treasury Bond Index ETF (USD Units) (Ticker: ZTL.U) *Changes in rates of exchange may also reduce the value of your investment. Disclosure: The viewpoints expressed by the Portfolio Manager 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. 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 simplified prospectus. 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 by BMO Asset Management Inc., which is an investment fund manager and a portfolio manager, and a separate legal entity from Bank of Montreal. Standard Deviation: A measure of risk in terms of the volatility of returns. It represents the historical level of volatility in returns over set periods. A lower standard deviation means the returns have historically been less volatile and vice-versa. Historical volatility may not be indicative of future volatility. ®/™Registered trademarks/trademark of Bank of Montreal, used under licence.