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BMO Covered Call Utilities ETF (ZWU) Summary of Investment Portfolio • As at September 30, 2019

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BMO Covered Call Utilities ETF (ZWU) Summary of Investment Portfolio • As at September 30, 2019 QUARTERLY PORTFOLIO DISCLOSURE BMO Covered Call Utilities ETF (ZWU) Summary of Investment Portfolio • As at September 30, 2019 % of Net Asset % of Net Asset Portfolio Allocation Value Top 25 Holdings Value Canada ...................................................................................................... 67.24 Short Positions United States ............................................................................................ 32.02 Pembina Pipeline Corporation, Call Option, Oct 18, 2019, $31.00 ..........(0.07) Cash/Receivables/Payables ....................................................................... 0.74 Duke Energy Corporation, Call Option, Oct 18, 2019, $93.00 ..................(0.05) Canadian Utilities Limited, Class A, Call Option, Oct 18, 2019, $38.00 ....(0.04) Total Portfolio Allocation 100.00 Emera Incorporated, Call Option, Oct 18, 2019, $58.00 ..........................(0.04) Exelon Corporation, Call Option, Oct 18, 2019, $48.00 ............................(0.03) % of Net Asset BCE Inc., Call Option, Nov 15, 2019, $64.00 ............................................(0.03) Sector Allocation Value Brookfield Infrastructure Partners L.P., Call Option, Nov 15, 2019, $65.00 ..........................................................................(0.03) Utilities ..................................................................................................... 51.93 Fortis Inc., Call Option, Oct 18, 2019, $56.00...........................................(0.03) Communication Services........................................................................... 25.70 Emera Incorporated, Call Option, Nov 15, 2019, $59.00 .........................(0.02) Energy ....................................................................................................... 22.21 Brookfield Infrastructure Partners L.P., Call Option, Cash/Receivables/Payables ....................................................................... 0.74 Oct 18, 2019, $64.00 ...........................................................................(0.02) Call Options...............................................................................................(0.58) Hydro One Limited, Call Option, Oct 18, 2019, $24.00 ............................(0.02) Total Sector Allocation 100.00 Hydro One Limited, Call Option, Nov 15, 2019, $25.00 ...........................(0.02) TC Energy Corporation, Call Option, Nov 15, 2019, $71.00 ......................(0.02) % of Net Asset Fortis Inc., Call Option, Nov 15, 2019, $57.00 .........................................(0.01) TC Energy Corporation, Call Option, Nov 15, 2019, $70.00 ......................(0.01) Top 25 Holdings Value Southern Company, The, Call Option, Oct 25, 2019, $63.00 ....................(0.01) Long Positions AT&T Inc., Call Option, Oct 25, 2019, $39.00 ...........................................(0.01) Fortis Inc. .................................................................................................... 5.62 BCE Inc., Call Option, Oct 18, 2019, $65.00 .............................................(0.01) Emera Incorporated .................................................................................... 5.60 Verizon Communications Inc., Call Option, Oct 25, 2019, $63.00 ............(0.01) AT&T Inc. ..................................................................................................... 5.41 AT&T Inc., Call Option, Oct 11, 2019, $37.00 ...........................................(0.01) Southern Company, The, ............................................................................ 5.37 Enbridge Inc., Call Option, Oct 18, 2019, $47.00 .....................................(0.01) Verizon Communications Inc. ..................................................................... 5.29 Canadian Utilities Limited, Class A, Call Option, Nov 15, 2019, $40.00 ..(0.01) BCE Inc. ....................................................................................................... 5.27 Pembina Pipeline Corporation, Call Option, Oct 18, 2019, $50.00 ..........(0.01) Duke Energy Corporation ............................................................................ 5.26 AltaGas Ltd., Call Option, Nov 15, 2019, $21.00 ......................................(0.01) PPL Corporation .......................................................................................... 5.26 Duke Energy Corporation, Call Option, Oct 18, 2019, $98.00 ..................(0.01) Exelon Corporation ..................................................................................... 5.25 Short Positions as a Percentage of Total Net Asset Value (0.54) TC Energy Corporation ................................................................................ 5.25 Enbridge Inc. ............................................................................................... 5.16 Top Holdings as a Percentage of Total Net Asset Value 97.74 TELUS Corporation ....................................................................................... 5.02 Pembina Pipeline Corporation .................................................................... 5.00 Rogers Communications Inc., Class B ......................................................... 4.71 Total Net Asset Value $882,808,305 Inter Pipeline Ltd. ....................................................................................... 3.88 Brookfield Infrastructure Partners L.P. ....................................................... 3.86 Hydro One Limited ..................................................................................... 3.74 Canadian Utilities Limited, Class A ............................................................. 3.55 AltaGas Ltd. ................................................................................................ 2.95 Gibson Energy Inc. ...................................................................................... 2.92 TransAlta Corporation ................................................................................. 2.14 Cash/Receivables/Payables ....................................................................... 0.74 Brookfield Renewable Partners L.P. ........................................................... 0.36 Northland Power Inc................................................................................... 0.34 TransAlta Renewables Inc. ......................................................................... 0.33 Long Positions as a Percentage of Total Net Asset Value 98.28 This Summary of Investment Portfolio may change due to the ETF’s ongoing portfolio transactions. Updates are available quarterly. Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. The exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated. BMO ETFs are managed and administered by BMO Asset Management Inc., an investment fund manager and portfolio manager and separate entity from Bank of Montreal. ®/™Registered trade-marks/trade-mark of Bank of Montreal, used under licence. HOW TO REACH US: BMO Asset Management Inc. 1 First Canadian Place, 43rd Floor 100 King Street West, Toronto, ON M5X 1A1 1-800-361-1392 • www.bmo.com/gam/ca.
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