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ZGD) (The “ETF”) for the Six-Month Period Ended June 30, 2017 (The “Period”) Manager: BMO Asset Management Inc

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ZGD) (The “ETF”) for the Six-Month Period Ended June 30, 2017 (The “Period”) Manager: BMO Asset Management Inc SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO S&P/TSX Equal Weight Global Gold Index ETF (ZGD) (the “ETF”) For the six-month period ended June 30, 2017 (the “Period”) Manager: BMO Asset Management Inc. (the “Manager” and “portfolio manager”) Management Discussion Significant individual contributors to performance were of Fund Performance Kirkland Lake Gold Ltd., IAMGOLD Corporation, Kinross Gold Corporation. and Osisko Gold Royalties Ltd. Results of Operations Individual detractors to performance included Asanko The ETF outperformed the broad-based S&P/TSX Capped Gold Inc., SEMAFO Inc., Klondex Mines Ltd. and Eldorado Composite Index by 0.23%. However, the more appropriate Gold Corporation. comparison is to the S&P/TSX Equal Weight Global Gold Index (the “Index”), due to the concentration of the Recent Developments portfolio in global gold mining companies. The ETF The portfolio manager believes oil prices should continue returned 0.97% versus the Index return of 1.22%. The to stabilize from oil production cuts out of OPEC. While U.S. change in total net asset value during the Period from oil production increases, it poses a risk to oil prices. The approximately $30 million to approximately $27 million rebound in economic growth should increase demand for had no impact to the performance of the ETF. other commodities and could raise their prices. Gold could also fair well with increased geopolitical uncertainty. The difference in the performance of the ETF relative to the Index during the Period (-0.25%) resulted from the payment Subsequent Events of management fees (-0.31%), and the impact of sampling Underlying Index Change and certain other factors (0.06%), which may have included Effective on or about September 15, 2017, the underlying timing differences versus the Index, and market volatility. index of the ETF will be changed from S&P/TSX Equal Weight Global Gold Index to Solactive Equal Weight Global Market Conditions Gold Index. The change to the Index will align with the During the Period, commodity performance was mixed, as current investment objective and strategies of the ETF. the U.S. dollar moved on expectations that the U.S. Federal Reserve Board would continue to raise its target interest Fund Name Change rate. The Organization of Petroleum Exporting Countries Effective on or about September 15, 2017, the ETF will (“OPEC”) managed to agree on production cuts, however, change its name from BMO S&P/TSX Equal Weight increased production, outside of OPEC and high inventory Global Gold Index ETF to BMO Equal Weight Global levels in the U.S. caused oil prices to fall over 14% (in U.S. Gold Index ETF. dollar terms). With global political risk rising with the win of President Trump in 2016, gold rose, up approximately 8.2% (in U.S. dollar terms). This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the ETF. If the semi-annual financial statements of the ETF do not accompany the mailing of this report, you may obtain a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling 1-800-361-1392, by writing to us at BMO Asset Management Inc., 250 Yonge Street, 7th Floor, Toronto, Ontario, M5B 2M8 or by visiting our website at www.bmo.com/etflegal or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the ETF’s proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure. 193 BMO S&P/TSX Equal Weight Global Gold Index ETF Related Party Transactions Financial Highlights The Manager, an indirect, wholly-owned subsidiary of The following tables show selected key financial information Bank of Montreal (“BMO”), is the portfolio manager, trustee about the ETF and are intended to help you understand the and promoter of the ETF. From time to time, the Manager ETF’s financial performance for the periods indicated. may, on behalf of the ETF, enter into transactions or arrangements with or involving other members of The ETF’s Net Assets per Unit(1) BMO Financial Group, or certain other persons or Financial years ended Dec. 31 companies that are related or connected to the Manager Period ended Jun. 30, 2017 2016 2015 2014 2013 2012(5) (each a “Related Party”). The purpose of this section is to Net assets, beginning provide a brief description of any transactions involving of period $ 9.59 6.54 7.31 6.80 14.43 15.00 the ETF and a Related Party. Increase (decrease) from operations Designated Broker Total revenue $ 0.04 0.05 0.06 0.08 0.11 0.03 The Manager has entered into an agreement with Total expenses(2) $ (0.04) (0.07) (0.06) (0.06) (0.05) (0.02) Realized gains (losses) BMO Nesbitt Burns Inc., an affiliate of the Manager, to act for the period $ (0.30) 5.66 0.44 0.73 (3.33) (0.12) as designated broker and dealer for distribution of BMO Unrealized gains (losses) exchange traded funds, on terms and conditions that are for the period $ 0.54 (0.98) (0.01) 1.12 (2.36) (0.54) comparable to arm’s length agreements in the exchange Total increase (decrease) from operations(3) $ 0.24 4.66 0.43 1.87 (5.63) (0.65) traded funds industry. The material terms and conditions Distributions of the agreement have been disclosed in the ETF’s prospectus. From income (excluding dividends) $ — — — — — — The Manager has also entered into agreements with other From dividends $ — — 0.02 0.02 0.05 0.00 major dealers in Canada to act as dealers for the creation From capital gains $ — 0.39 — — — — Return of capital $ — 0.16 0.01 0.01 0.02 0.00 and redemption of units of BMO exchange traded funds. Total Annual Distributions(4) $ — 0.55 0.03 0.03 0.07 0.00 Net assets, end of period $ 9.69 9.59 6.54 7.31 6.78 14.43 Management Fees (1) This information is derived from the ETF’s unaudited and audited financial statements. The financial The Manager is responsible for the day-to-day management information presented for the periods ended June 30, 2017, December 31, 2016, December 31, 2015, of the business and operations of the ETF. The Manager December 31, 2014 and December 31, 2013 is derived from the financial statements determined in accordance with IFRS. Information for years prior to January 1, 2013 is derived from prior period financial monitors and evaluates the ETF’s performance, manages statements prepared in accordance with Canadian GAAP. the portfolio and provides certain administrative services (2) Prior to 2013, withholding taxes were not included in expenses as they were included in revenue. (3) Net assets and distributions are based on the actual number of units outstanding at the relevant time. required by the ETF. As compensation for its services, the The increase/decrease from operations is based on the weighted average number of units outstanding Manager is entitled to receive a management fee payable over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. quarterly and calculated based on the daily net asset (4) Distributions were either paid in cash or reinvested in additional units of the ETF, or both. The allocation value of the ETF at the maximum annual rate set out in the of the distributions from each of income, dividends, capital gains and return of capital is based on the Manager’s estimate as at June 30 of the period shown, which is the ETF’s semi-annual period end. table below. However, actual allocation of distributions is determined as at December 15, the ETF’s tax year-end. Accordingly, the actual allocation among income, dividends, capital gains and return of capital may differ Maximum Annual from these estimates. Ticker Management Fee Rate (5) % The information shown in this column is for the period beginning November 1, 2012 (the ETF’s inception date) and ending December 31, 2012. ZGD 0.55 Brokerage Commissions The ETF pays standard brokerage commissions at market rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, for executing a portion of its trades. The brokerage commissions charged to the ETF (excluding exchange and other fees) during the periods were as follows: 2017 2016 Total brokerage commissions paid $ 6,121 6,189 Total brokerage amounts paid to related parties $ 5,062 — 194 BMO S&P/TSX Equal Weight Global Gold Index ETF Ratios and Supplemental Data Summary of Investment Portfolio Financial years ended Dec. 31 As at June 30, 2017 Period ended % of Net Jun. 30, 2017 2016 2015 2014 2013 2012(5) Portfolio Allocation Asset Value Total net asset value (000’s)(1) $ 26,534 30,022 9,266 15,433 6,838 4,352 Number of units Canada . 66.9 outstanding (000’s)(1) 2,739 3,129 1,417 2,112 1,006 300 South Africa. 7.8 (2) Management expense ratio % 0.61 0.62 0.80 0.63 0.66 0.63 United States . 7.5 Management expense ratio before waivers Guatemala. 2.7 or absorptions(2) % 0.61 0.62 0.80 0.63 0.66 0.63 Mali. 2.6 Trading expense ratio(3) % 0.04 0.05 0.01 0.02 0.00 0.00 Cote D’Ivoire . 2.6 Portfolio turnover rate(4) % 64.28 335.87 32.11 132.06 106.96 14.73 Net asset value per unit $ 9.69 9.59 6.54 7.31 6.80 14.51 Nicaragua .
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