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BMO Covered Call Canada High Dividend ETF Fund (The “Fund”) for the 12-Month Period Ended September 30, 2020 (The “Period”) Manager: BMO Investments Inc

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BMO Covered Call Canada High Dividend ETF Fund (The “Fund”) for the 12-Month Period Ended September 30, 2020 (The “Period”) Manager: BMO Investments Inc BMO Covered Call Canada High Dividend ETF Fund (the “Fund”) For the 12-month period ended September 30, 2020 (the “Period”) Manager: BMO Investments Inc. (the “Manager” or “BMOII”) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the “portfolio manager”) 2020 Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the Fund. If the annual financial statements of the Fund do not accompany the mailing of this report, you may obtain a copy of the annual financial statements at your request, and at no cost, by calling 1-800-665-7700 and 1-800-668-7327, by writing to us at BMO Investments Inc., First Canadian Place, 100 King Street West, 43rd Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at www.bmo.com/mutualfunds and www.bmo.com/gam/ca or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the Fund’s interim financial report, proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure. MANAGEMENT DISCUSSION OF FUND PERFORMANCE Investment Objective and Strategies Results of Operations The Fund’s objective is to provide a return that is similar to During the Period, the Fund’s total net asset value changed the return of one or more exchange traded funds that invest from approximately $30 million to approximately primarily in dividend paying Canadian equities while $33 million. Series A units of the Fund returned -14.53%. mitigating downside risk. The Fund invests primarily, Please see the Past Performance section for information on directly or indirectly, in dividend paying Canadian equities the performance returns of the Fund’s other series. by investing all or a portion of its assets in one or more During the Period, Canadian stocks rallied at the end of exchange traded funds, by investing directly in the underlying 2019. However, as COVID-19 spread in early 2020, concern securities held by the exchange traded funds and/or by about an economic recession weighed on expectations for using derivatives to provide the Fund with a return business and consumer spending. Stock markets sold off determined by reference to the exchange traded funds. significantly in response. After reaching their bottom in The portfolio manager invests up to 100% of the Fund’s March 2020, Canadian stocks were supported by assets in securities of BMO Canadian High Dividend unprecedented support of monetary and fiscal policy from Covered Call ETF, which will primarily invest in and hold the federal government and the Bank of Canada. During dividend paying equity securities of Canadian companies. the second quarter and part of the third quarter of 2020, a In addition, depending on market volatility and other gradual loosening of pandemic-related restrictions also factors, BMO Canadian High Dividend Covered Call ETF began to bring economic activity back to businesses that will write covered call options on these securities. had been temporarily shut down, helping to create jobs and improve consumer sentiment. Information Technology Risk stocks led the S&P/TSX Composite Index (“S&P/TSX”) in The risks associated with an investment in the Fund remain response to the increasing role of e-commerce. Conversely, as disclosed in the Fund’s most recent simplified the Health Care, Energy, Financials and Real Estate sectors prospectus or any amendments thereto and fund facts. underperformed. Canadian equities, as represented by the During the Period there were no changes to the Fund that S&P/TSX, were little changed over the Period. materially affected the overall risk level associated with an investment in the Fund. On May 22, 2020, the Manager The Fund’s underperformance was mainly driven by stock reviewed the Fund using the standardized investment risk selection, notably not having a position in Shopify Inc., classification methodology prescribed by National Trillium Therapeutics Inc. and certain gold stocks that Instrument 81-102 Investment Funds and determined that rallied during the Period and drove the S&P/TSX’s the risk rating of the Fund had not changed. The Manager performance. reviews the Fund’s investment risk level and reference index, if any, at least annually. BMO Covered Call Canada High Dividend ETF Fund Holdings in the Energy and Financials sectors also RELATED PARTY TRANSACTIONS detracted from the Fund’s performance. The Energy sector BMO Investments Inc., an indirect, wholly-owned subsidiary has been mired by over-supply management and low of Bank of Montreal (“BMO”), is the Manager of the Fund. demand issues that have capped the potential for positive From time to time, the Manager may, on behalf of the Fund, returns. As such, the sector did not perform well during the enter into transactions or arrangements with or involving Period, although recently there have been some positive other members of BMO Financial Group, or certain other factors for the sector, including oil and gas strikes in persons or companies that are related or connected to the Norway. The Financials sector, as part of value factors Manager (each a “Related Party”). The purpose of this investing, had relatively weak performance over the Period section is to provide a brief description of any transaction as the result of the low interest rate environment and loan involving the Fund and a Related Party. losses accumulated by companies in the sector. Portfolio Manager On an individual securities basis, the main detractors The Fund’s portfolio manager is BMO Asset Management Inc. from the Fund’s performance were TC Energy Corp., (“BMOAM”), an affiliate of the Manager. BMOAM provides Shaw Communications Inc. and Enbridge Inc. Individual portfolio management services to the Fund. BMOAM receives contributors to the Fund’s performance included Great- from the Manager a management fee based on assets under West Lifeco Inc., Magna International Inc. and Manulife management, calculated daily and payable monthly. Financial Corp. Operating Expenses New positions added to the Fund during the Period were The Fund pays all of its operating expenses directly. These Hydro One Ltd. and Brookfield Infrastructure Partners L.P. operating expenses include administration expenses and Also during the Period, the portfolio manager decreased the fund expenses. These operating expenses are allocated Fund’s existing positions in Suncor Energy Inc., Vermilion proportionately among the relevant series. Operating Energy Inc. and Inter Pipeline Ltd. expenses that are specific to a series are allocated to that series. Operating expenses, include expenses incurred in The Manager confirms that the Fund did not borrow money respect of preparing and distributing fund facts, interest or during the Period. other borrowing expenses, all reasonable costs and expenses For information on the Fund’s performance and composition, incurred in relation to compliance with National please refer to the Past Performance section and Summary of Instrument 81-107 Independent Review Committee for Investment Portfolio section of this report. Investment Funds, including compensation and expenses payable to the Fund’s independent review committee (“IRC”) Recent Developments members, taxes to which the Fund is or might be subject, and The Canadian economy has long been tied to the U.S. costs associated with compliance with any new economy, and the fate of both economies has never been governmental or regulatory requirement introduced after much more intertwined than since the COVID-19 pandemic. December 1, 2007. The Manager may, at their discretion, Canada has better managed the fallouts of COVID-19 with absorb all or a portion of the operating expenses at any limited contaminations, a lower death toll rate. In addition, given time. Separate fees and expenses are negotiated and the country has a federal government that actively supports paid directly by each Series I investor. Further details about the economy and has pledged to continue doing so with the Fund’s operating expenses can be found in the Fund’s additional stimulus measures. Nonetheless, what happens in most recent simplified prospectus at the U.S. still has a significant impact on the Canadian economy www.bmo.com/mutualfunds and www.bmo.com/gam/ca and will determine how Canada fares in the coming quarters. or www.sedar.com. The portfolio manager sees multiple source of risks in the U.S., including from the continued challenges managing the pandemic, the latest breakdown in negotiations for additional COVID-19 relief and the presidential election, all of which may introduce heightened volatility going into year-end. The portfolio manager also believes that volatility will remain elevated through to December 2020. This environment may benefit the Fund to some extent as it allows the Fund’s covered calls overlay to extract higher option premiums. BMO Covered Call Canada High Dividend ETF Fund Buying and Selling Securities Brokerage Commissions During the Period, the Fund relied on standing instructions The Fund pays standard brokerage commissions at market provided by the IRC for any of the following related party rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, transactions that may have occurred in the Fund: for executing a portion of its trades. The brokerage commissions charged to the Fund (excluding exchange and (a) investments in securities issued by BMO, an affiliate of other fees) during the periods indicated, were as follows: the Manager, or any other issuer related to the Manager; Period ended Period ended (b) investments in a class of non-government debt securities Sep. 30, 2020 Sep. 30, 2019 $000 $000 and/or equity securities of an issuer during the period of distribution of those securities to the public and/or the Total brokerage commissions 14 14 60-day period following the distribution period where Brokerage commissions paid BMO Nesbitt Burns Inc., an affiliate of the Manager, or to BMO Nesbitt Burns Inc.
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