Quarterly Portfolio Disclosure Summary of Investment Portfolio • As at December 31, 2019 BMO CANADIAN EQUITY ETF FUND Q1 Top 25 Holdings+ Portfolio Allocation % of Net Asset Value Issuer % of Net Asset Value

Financials 31.5 6.0 Energy 16.8 Toronto-Dominion Bank, The, 5.4 Materials 11.2 Inc. 4.3 Industrials 10.7 Bank of Nova Scotia, The, 3.6 Information Technology 5.5 Canadian National Railway Company 3.4 Communication Services 5.3 Brookfield Asset Management Inc., Class A 2.9 Utilities 4.7 Inc. 2.7 Consumer Discretionary 4.1 TC Energy Corporation 2.6 Consumer Staples 3.8 2.6 Real Estate 3.4 BCE Inc. 2.2 Cash/Receivables/Payables 1.7 Inc., Class A 2.2 Health Care 1.3 Financial Corporation 2.1 Canadian Natural Resources Limited 2.0 Total portfolio allocation 100.0 Canadian Imperial Bank of Commerce 2.0 Limited 1.9 Corporation 1.8 Cash/Receivables/Payables 1.7 Alimentation Couche-Tard Inc., Class B 1.5 Ltd. 1.5 Inc. 1.4 Waste Connections, Inc. 1.3 Corporation 1.2 CGI Inc., Class A 1.1 Franco-Nevada Corporation 1.0 Pembina Pipeline Corporation 1.0

Top holdings as a percentage of net asset value 59.4

Total net asset value $345.3 million

+ The Fund obtains its exposure to Canadian equity markets primarily through investment in BMO S&P/TSX Capped Composite Index ETF. The listed holdings represent the Fund’s exposure as a result of this ETF holding.

This summary of investment portfolio may change due to the fund’s ongoing portfolio transactions. Updates are available quarterly. ®/™ Registered trade-marks/trade-mark of Bank of Montreal, used under licence. BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts or prospectus before investing. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, the Régie de l’assurance-dépôts du Québec or by any other government deposit insurer. The value of mutual funds change frequently and past performance may not be repeated. For a summary of the risks of an investment in BMO Mutual Funds, please see the specific risks set out in the prospectus.

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