News Releases

TORONTO, ONTARIO--(Marketwire - Dec. 31, 2012) - BMO today announced that the BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (the BMO ETF) intends to commence investing in reliance on exemptive relief recently granted by the Ontario Securities Commission. This will provide the BMO ETF with the flexibility to manage its portfolio in a manner that is more consistent with the make-up of the Dow Jones Industrial Average, while still pursuing its covered call option writing strategy in seeking to earn option premiums and mitigate downside risk.

The relief has been granted from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 Mutual Funds, subject to certain conditions and as described in the BMO ETF's prospectus, such that its investment in a constituent issuer of the Dow Jones Industrial Average may exceed 10% of the BMO ETF's net asset value, limited only by that issuer's weight in the Dow Jones Industrial Average.

A prospectus amendment has been filed to reflect the grant of this relief and to clarify the BMO ETF's objective, highlighting that it will primarily invest in and hold securities of the issuers included in the Dow Jones Industrial Average in the proportions in which they are reflected in the Dow Jones Industrial Average. In addition, the BMO ETF will continue, depending on market volatility and other factors, to write covered call options on some, none or all of these securities.

Because the BMO ETF, in basing its investment decisions on the Dow Jones Industrial Average, may have more of its net asset value invested in one or more issuers than is usually permitted for mutual funds, the BMO ETF's portfolio may be less diversified when compared to a less concentrated investment portfolio. Also, the net asset value of the BMO ETF may be more volatile than that of a more broadly-diversified portfolio and may fluctuate substantially over short periods of time. Although a more concentrated portfolio can sometimes result in increased liquidity risk, which may, in turn, have an effect on the ability of a mutual fund to satisfy redemptions, BMO Asset Management Inc. (the manager of the BMO ETF) does not believe these risks are material for the BMO ETF.

The Dow Jones Industrial Average was first published in 1896. Initially comprised of 12 companies, the Dow Jones Industrial Average has evolved into the most recognizable stock indicator in the world, and the only index composed of companies that have sustained earnings performance over a significant period of time. In its second century, the Dow Jones Industrial Average is the oldest continuous barometer of the United States stock market, and the most widely quoted indicator of United States stock market activity. The 30 stocks now comprising the Dow Jones Industrial Average are all leaders in their respective industries, and their stocks are widely held by individuals and institutional investors. The Dow Jones Industrial Average is a price-weighted stock index, meaning that the component stocks of the Dow Jones Industrial Average are accorded relative importance based on their prices. In this regard, the Dow Jones Industrial Average is unlike many other stock indices which weight their component stocks by market capitalization (price multiplied by shares outstanding).

Further information about BMO ETFs can be found at www.bmo.com/etfs.

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*BMO ETFs are managed and administered by BMO Asset Management Inc., a portfolio manager and investment fund manager and separate legal entity from Bank of Montreal.

Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. Exchange traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

The Dow Jones Industrial Average(SM) is a product of Dow Jones Opco LLC, a subsidiary of S&P Dow Jones Indices LLC and has been licensed for use. "Dow Jones®" and "Dow Jones Industrial Average(SM)" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and have been licensed to Dow Jones Opco for use for certain purposes. BMO ETFs based on Dow Jones indexes are not sponsored, endorsed, sold or promoted by Dow Jones Opco, Dow Jones or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product(s).

About BMO Exchange Traded Funds (ETFs)

Established in May 2009, BMO Financial Group's ETF business is a leading ETF provider in Canada. Since its inception, the lineup of BMO ETFs has grown to 48 funds and includes several industry firsts. BMO ETFs provide Canadian investors with broader choices and greater access to an innovative portfolio of investment products.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.