Opinions
Lorne Zeiler
Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF
HED-T
DON'T BUY
Feb 07, 2018
$10.750
Stock price when the opinion was issued
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DON'T BUY
Active managers don't beat bond indexes, net of fees. XBB is better, a straight bond universe and is cheaper; it'll perform just as well.
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COMMENT
Challenge with buying US ETFs that participate in MLPs is that they're not favourable to a Canadian investor. Withholding tax of 15-30%. Be very, very careful on the MLPs. If you want gas exposure, think about XEG or ZEO. Most bang for the buck would be the HED, with small cap exposure. Small caps have more operating leverage if you're confident gas prices will rise. HOG is a bit more conservative.
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It's a double or leveraged ETF. Energy in Canada is oversold—and shouldn't be. He expects a rebound in energy at some point. Sees opportunity here, but be really cautious by bearing bearish in oil.