From sticky inflation and rising bond yields to growing questions around AI, the macro backdrop is getting more complex. In this episode, special guest Bipan Rai joins host Zayla Saunders to unpack his Q4 portfolio strategy and what it means to stay invested—and protected—this quarter.
Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM) and Bipan Rai is Head of ETF & Structured Solutions Strategy at BMO GAM. This episode was recorded live on October 9, 2026.
ETFs mentioned:
· BMO Broad Commodity ETF (ZCOM)
· BMO MSCI USA High Quality Index ETF (ZUQ)
· BMO US Equity Buffer Hedged to CAD ETF – October (ZOCT)
Sources:
‘Sirens on the horizon’ – Q4 2026 portfolio strategy report
The Open Outcry podcast with Bipan Rai
The Fed: U.S. Federal Reserve Board
Gross Domestic Product (GDP): The total monetaryvalue of all final goods and services produced within a country's borders in a specific time period, serving as the main measure of a nation's economic size.
Non-Farm Payrolls (NFP): A key U.S. jobs report released monthly that measures how many jobs were added or lost in the economy, excluding farm workers and a few othercategories.
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).
Disclaimers:
Please visit for full disclaimers
This podcast is for information purposes. The viewpoints expressed by the speakers represent their assessment of the markets at the time of recording. 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 anycircumstance.
Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statementsare 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 prospectus.
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 ETFsbefore investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. 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., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal.
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.
“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.
