Stock price when the opinion was issued
Has a degree of leverage in it. You're buying exposure to a basket of great Canadian stocks with dividends. Leverage can be in the range of 150-200%. When it's going up, it's great. But when it's going down, not so much.
He wouldn't add leverage to a portfolio now with anybody's money. We're in a high-risk period when markets are pretty fully valued, and all kinds of economic growth risks are in front of us.
In April after the tariffs, with markets down 15-20%, there were much better valuations and it was a much better time to add leverage. If you look at all the cycles over 100 years for US large caps, the average drawdown is 13%, and that's the point where you start looking. Bear in mind that the average recession has a drawdown of 29%. There is a time in a market cycle to add leverage, but now is not one of those times.
He prefers to own the individual banks. If you are in it for diversification, there is no issue with that. He likes the sector.