E324 – The Plumbing Behind the ETF Ecosystem

Behind every ETF trade is a market structure that most investors never see. In this episode, special guest Roy Dimitrov takes hosts Hilly Cutler and Zayla Saunders into the engine room to explain what market makers really do, bust some of the biggest myths around ETF trading, and unpack why active ETFs may be the industry's next big growth story. Zayla Saunders is Vice President of ETF Online Distribution at BMO Global Asset Management (BMO GAM), Hilly Cutler is Director of Portfolio Consulting and Senior Portfolio Consultant at BMO GAM and Roy Dimitriv is Vice President, ETF Sales and Trading at BMO GAM. Recorded live on Monday, July 27, 2026.

ETFs mentioned: · BMO Gold Bullion ETF (ZGLD) · BMO Broad Commodity ETF (ZCOM) · BMO S&P/TSX Capped Composite Index ETF (ZCN) · BMO MSCI Emerging Markets Index ETF (ZEM) · BMO Asset Allocation ETFs

Sources: Morningstar Direct, BMO Global Asset Management as at July 24, 2026 S&P 500 Earnings Season Update, Factset Insight, July 24, 2026

NAV: Net Asset Value AUM: Assets Under Management EAFE: Developed markets in Europe, Australasia, and the Far East. Emerging markets: Major economies and many smaller countries such as China, India, Brazil, South Korea, Taiwan, and South Africa. Liquidity: The degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price. Cash is considered to be the most liquid asset, while things like fine art or rare books would be relatively illiquid.

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