Buy a hedged ETF when Canadian dollar is lower? Currency decisions are an active part of their process, they are active on currency decisions, and then they use passive ETFs. Not hedged on anything right now. Canadian dollar is stuck in a range between 0.75 and 0.77 cents. Doesn’t think Canada will raise interest rates as fast as US, which means the Canadian dollar will come under pressure. If you are buying S&P now, you are buying it for a long-term portfolio with 2-5 years horizon, because in the near term you are probably not going to get much out of it. XSP is currency hedged. XUS is not currency hedged, and it’s his ETF of choice in the US. XSP should be in a portfolio and replace big US stocks. His opinion is to don’t edge it. XUS definitively affordable at 0.10% MER. You have to really watch the underlying costs when putting an ETF in your portfolio.

In his 41 years experience, he’s never come across anyone who is any good at picking currencies consistently. Buying something hedged will sometimes work for you, but sometimes won’t, and you don’t really know ahead of time. You pay for the hedge as it is built into the cost of running that portfolio. He doesn’t believe in hedging.

(Top Pick Jan 19/16, Up 30%)  It is a core holding.  He continues to hold it.  He is generally positive on the US.  He bought it and stayed with it.

(Top Pick May 8/15, Up 0.37%)  It is flat.  He has this ETF in every portfolio.  This is a core holding.  Great American companies.  He is bullish on the US.  He is buying aggressively now.

VSP-T vs. XSP-T.  Both are fine holdings.  The BMO version contains individual holdings while these two put wrappers around the US versions.  There are tax considerations in holding US investments if you hold more than $100,000.  He has increased US dollar exposure recently to play the currency short term.

(A Top Pick Feb 17/15. Down 8.29%.) This is based on the S&P 500 and is a core holding, but is Cdn$ hedged. An important thing right now because if you are buying in US$, what happens when you eventually get a recovery in the Cdn$? You are going to lose.

An all season ETF for a dividend investor? He likes this one which gives you a much better diversification than you can get in the Canadian market. Their currency on this has been hedged away, so you are not going to worry about it going up and down, especially over a long time frame. If you want to be a bit more aggressive, there is the Purpose Core Dividend Fund (PDF-T).