BMO Financial Group announced on Thursday that all 13 BMO ETFs listed on the Toronto Stock Exchange will offer an optional Distribution Reinvestment Plan (DRIP) effective immediately.

Under the DRIP, rather than receiving cash distributions, all distributions paid on BMO ETFs can be reinvested into additional units of a fund.

BMO noted that DRIPs may be a beneficial option for investors looking to increase their units of a fund over time in a more cost effective manner by both minimizing commission costs and taking advantage of the benefits of dollar cost averaging.