Opinions

Larry Berman CFA, CMT, CTA BMO Tactical Dividend ETF Fund ZZZD-T BUY Jun 26, 2023

*Note Larry Berman is manager of this fund. Is conflicted.
Yield is around 6% which is healthy.
Outlook is positive for fund.
Focusing on emerging markets.
Dividend paying stocks.
Safe blue chip stocks.

Larry Berman CFA, CMT, CTA

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BUY

Manages this fund. The target is to generate a yield in excess of 4%. There is also an aspect of capital preservation. Delivers global yield and protection. This strategy will deliver well over the long run. Very liquid.

COMMENT

ZZZD gives you exposure to global dividend payers, whereas ZPAY is only US markets. ZZZD has ZPAY in it for the US exposure. ZPAY gives a yield around 6% whereas ZZZD is designed to give 4%.

COMMENT

Look for ETFs that have put protection that gives you exposure to the upside but minimizes downside risk.

COMMENT

Hard to say which one would perform the best in a correction. ZZZD has a very defensive posture with half of the portfolio hedged to downside risk. ZWU and ZPAY are in ZZZD. Would look to be defensive in the next few months.

COMMENT

Exposure to currency is mostly hedged for ZZZD. ZPAY is always in USD. ZWP is Canada relative to European currencies. The Canadian dollar selling off is a factor, but they are also doing well because they are doing what they are designed to do.

COMMENT

Now they are buying put protection instead of fixed income. Fixed income with yield so low does not give the protection it used to, and it is now a risk. Needs to rethink the 60-40 model. The put protection serves the same purpose now.

BUY

Bonds don't provide a lot of safety or yield. There is no real yield. You have to look at high dividend paying stocks. It is high volatility. Capital preservation is also a challenge. ZZZD focuses on capital preservation, some times to the detriment to the upside.

BUY

Over exposure to Europe.
Got value at current price.
Expect volatility with conflict in Europe.

BUY

Buys puts in the portfolio to provide some downside protection from volatility. He's involved in managing this fund.

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Larry Berman CFA, CMT, CTA BMO Tactical Dividend ETF Fund ZZZD-T BUY Jun 26, 2023

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