BMO NASDAQ 100 HEDGED TO CAD INDEX ETF…

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BMO NASDAQ 100 HEDGED TO CAD INDEX ETF (ZQQ.TO)

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200.51

+1.37 (0.69%)

as of Jun 12, 2026, 7:59:37 pm Market Open.

108 watching

DON'T BUY

It holds tech and biotech names, a space he doesn't want to be in now.

TOP PICK

Down 25%, so it's on sale. Warren Buffett says this is the only business where you put up a sign that says "On Sale", and all the customers run for the exits. Can it go down from here? Of course it can. But he buys with only a small proportion of a client's available cash.

SELL

Cautious on tech, reducing some of his names and putting the rest on probation. Price to sales ratio is 4.25x, not cheap, overvalued. Rising rates won't do it any favours. He'd be pretty fearful, wouldn't be adding. You'll see fantastic bounces when the market turns, but if you're not trading it and holding instead, he'd be careful.

SELL ON STRENGTH

Good for large cap tech. Probably want to wait to play large cap tech until the late half of the year. Looking at the QQQ, we will see it at $300 before seeing it at $400 again. Sell on strength until it gets on better valuations.

DON'T BUY

Thinks from a short term perspective it will bounce this week, but isn't going to make new highs. Not a good time to put new money, need to see much deeper correction in large tech sector. Will likely underperform until the fed gives a signal that they are done with their tightening exercise. Maybe in 2023.

BUY

If you believe tech stocks will continue to do well, then add. These are some of the best companies in the world, though some just reported tough earnings facing issues like Apple (supply chain). ZQQ will offer diversity. It's a great way to play tech and will do well over the long term. He doesn't see a world less digitized and using the cloud less post-Covid. These companies have great balance sheets.

DON'T BUY

ZQQ vs. HXQ, if tech continues to do well. Tech touches us in every sense and every part of what we do. Interest rates are on the rise, and growth stocks like tech tend to underperform in that environment. Stick with tried and true, like FB, GOOG, and MSFT. The BMO strategy is hedged. He prefers the unhedged version, HXQ, especially as the CAD is at the higher end of a 6-7 year range. Also, the HXQ is cheaper at 28 bps; whereas ZQQ is 39 bps. Greater tax efficiency with HXQ when you look at non-registered accounts. US dividends from these tech stocks are characterized as deferred capital gains, so for non-registered investors, that may be a compelling reason to go with HXQ.

COMMENT

Both of these are hedged back to the CAD. In an inflationary environment, you may want a mix of hedged and unhedged. In a more resource oriented market, the CAD will do well. Really with the largest companies in the world. Would suggest to hold both NASDAQ and S&P500 and rebalance once a quarter or year.

DON'T BUY

Unless you're currently in semiconductors and have done well, you're effectively buying top of market. The two big names you want are TSM and Samsung, or Lam Research and Applied Materials on the equipment side. The ETFs are heavily influenced by these 4 names. If you're not there already, don't do it. Semiconductors are very extended right now. You never go bankrupt taking a profit.

SELL

Tech has done well since 2008. The long period of tech outperformance is over. Downturn in the niche markets is a forecast of what's to come. Tech is an expensive sector. Instead, look elsewhere to sectors like basic materials and banks, which do well when global growth is higher than normal. Look further afield to global markets that have quietly started to outperform, are cheap, and have low expectations. Global markets have made a bottom, compared to US peers.

PAST TOP PICK

(A Top Pick Apr 15/20, Up 61%) The companies in the index have benefitted from the crisis. Owned it very big, but has taken some off in January. Still has a lot and is adding more in the last 2-3 weeks.

DON'T BUY

Would shy away from the NASDAQ in the short term. Long term, you gotta love tech but we will see some normalization. What worked last year was large cap tech and the valuations have gotten stretched. Could see little growth and consolidation and it will probably go sideways.

DON'T BUY

You're in the heart of market performance. The top names here have been driving the market in the past 5 years and especially this year, like Amazon. This ETF is fully priced. He's worried about FAANG, actually. Hedged is okay.

DON'T BUY

The NASDAQ100 is more expensive than it has ever been. Long-term, technology will continue to do well. In the next couple months, he expects a pullback by 10-15%.

BUY

This gives you the exposure but hedges the currency risk out. However, at the moment you might want the US Dollar exposure.

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BMO NASDAQ 100 HEDGED TO CAD INDEX ETF (ZQQ.TO)