07:45 AM EST, 03/08/2024 (MT Newswires) -- BMO Asset Management Inc., the manager of Bank of Montreal ( NRGD ) 's ETFs, said Friday that it has launched new exchange-traded funds (ETFs).

The new BMO ETFs are BMO Gold Bullion ETF (ZGLD) and BMO Gold Bullion Hedged to CAD ETF (ZGLH) which are both in C$ units, as well as BMO Gold Bullion ETF (ZGLD.U) which is in US$ units.

BMO said each of the new BMO ETFs has closed its initial offering of exchange traded units and is now listed on the TSX.

BMO said the new ETFs offer investors another way to invest in precious metals and were created in response to investor demand for ETFs that not only invest in gold, but also hold physical gold in Canada.

"In times of economic uncertainty, geo-political concerns and stubbornly elevated inflation, gold is an attractive asset class for many investors looking to diversify their investment portfolio," said Alfred Lee, portfolio manager for BMO ETFs.

"The new BMO ETFs will provide investors an accessible, cost-effective way to gain exposure to physical gold, without the difficulties associated with buying and storing precious metals, helping investors make progress towards their investment objectives."