SPDR S&P 500 ETF (SPY)

Do you recommend ZWS as a hedged covered call or prefer something else, and would you hold it at the only US equity in a portfolio? To answer the latter, no. And he prefers SPY-N as your core holding; it pays you yield and cash flow, becuase it holds high-dividend stocks and sells covered calls against them. Also, US dividends are taxed in Canada and don't benefit from the dividend tax credit.

The S&P 500. US Equities. They tend to do well when we have benign inflation, good global growth and abundant liquidity. But now we have some liquidity coming out. People are selling actively managed stocks to buy the S&P 500 themselves. This means that when they want to get out, all these investors will be selling the same stocks. ETFs are more popular than in 2007/8.

The largest ETF in the world. A fine core holding, though he advises moving away from U.S. markets. He himself is maximally underweight the U.S.

People were thinking there was going to be volatility in 2017, but markets literally went straight up. Now the forecast for 2018 is higher volatility, and we’ll have to see what happens. This is based on the entire market, but you have to remember the market is not just made up of one thing, it is made out of other pieces of businesses. She runs a very concentrated portfolio, which allows her to cherry pick the parts of the market that she thinks will do well, so she is not just in the broad market. Doesn't see how people can do well by owning a broad market.

SPY-N vs. ZSP-T. They should be identical except ZSP-T trades in Toronto but has exposure to the US$. If the US$ gets stronger it should help the ETF. SPY-N has underperformed dramatically because it is in US$. They would be identical if you converted the dollars. There is foreign tax withholdings of about 30 basis points on SPY-N. ZSP-T gives you a foreign tax withholding also but you get a tax credit.

It is the one decision way to get exposure to the S&500. The recent weakness in the US dollar doesn’t hurt. You will do just fine with it. We are in a market that is benefiting some sectors more than others so he would like a more targeted exposure. Financials, industrials – a basket of 3 or 4 of them.

(A Top Pick Aug 4/16. Up 16.88%.) This is pretty much a core holding.

(A Top Pick Aug 4/16. Up 16.58%.)

An index fund that tracks the S&P 500? There are several and the big one is this one. The most heavily traded and largest. You could also do SPDR S&P 500 ETF (VV-N), as well as others. They are very straightforward and very low cost.