BMO US Put Write ETF. | StockChase
28
BMO US Put Write ETF. (ZPW-T)

Last Price Recorded: $17.8000 on 2018-01-16

ON STOCKCHASE SINCE Apr 2016

E.T.F.'s
28
BMO US Put Write ETF. (ZPW-T)

Last Price Recorded: $17.8000 on 2018-01-16

ON STOCKCHASE SINCE Apr 2016

E.T.F.'s

BMO US Put Write ETF.


Signal Opinion Expert
COMMENT
BMO US Put Write ETF.(ZPW-T) 

December 27, 2017

Similar risk as covered call, but you’re holding cash instead of the stock and selling the puts. Yields around 6%. He doesn’t include it in his portfolio because it confuses his clients.

E.T.F.'s

Similar risk as covered call, but you’re holding cash instead of the stock and selling the puts. Yields around 6%. He doesn’t include it in his portfolio because it confuses his clients.

E.T.F.'s
John Hood

President & Portfolio Manager, J. C Hood Investment...

PricePrice
$17.950
Owned Owned
Unknown

COMMENT
BMO US Put Write ETF.(ZPW-T) 

October 10, 2017

The risk is that if the market goes down, you basically get killed. Doing Put Writes and selling Covered Calls are basically the same risks. With Covered Calls, if you buy ZWB on the banks and the banks tank, you lose money. With the Put Writes, you are not owning the shares and is a more aggressive strategy. For someone who is retired, he prefers the Covered Calls. You have to know what you are doing.

E.T.F.'s

The risk is that if the market goes down, you basically get killed. Doing Put Writes and selling Covered Calls are basically the same risks. With Covered Calls, if you buy ZWB on the banks and the banks tank, you lose money. With the Put Writes, you are not owning the shares and is a more aggressive strategy. For someone who is retired, he prefers the Covered Calls. You have to know what you are doing.

E.T.F.'s
John Hood

President & Portfolio Manager, J. C Hood Investment...

PricePrice
$17.850
Owned Owned
No

BUY
BMO US Put Write ETF.(ZPW-T) 

September 25, 2017

Writes put options across many sectors.  The decline over the summer was all currency.  You might want to go to ZPH-T if the dollar gets down to a $0.80 dollar.  It has not had the down move of ZPW-T.

E.T.F.'s

Writes put options across many sectors.  The decline over the summer was all currency.  You might want to go to ZPH-T if the dollar gets down to a $0.80 dollar.  It has not had the down move of ZPW-T.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$17.650
Owned Owned
Unknown

BUY
BMO US Put Write ETF.(ZPW-T) 

September 11, 2017

It writes puts 15-20% below current levels to harvest a 6-8% yield.  It has been at the low end of that.  The entire decline in valuation this year is about the increase in the CAD$, not because the underlying holdings have any problem.  ZPH-T is the identical holdings, but not exposed to the US$.  He likes adding US$ here.  Swap to ZPH-T if we get back to an $0.80 CAD$.

E.T.F.'s

It writes puts 15-20% below current levels to harvest a 6-8% yield.  It has been at the low end of that.  The entire decline in valuation this year is about the increase in the CAD$, not because the underlying holdings have any problem.  ZPH-T is the identical holdings, but not exposed to the US$.  He likes adding US$ here.  Swap to ZPH-T if we get back to an $0.80 CAD$.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$17.310
Owned Owned
Unknown

COMMENT

It is exposed to the US$.  There is a hedged version (ZPH-T).  It finds the best quality US companies across all 10 sectors and then it writes puts 10-15% below market and harvests the yield.  When volatility is low, as it has been previous in the year, you can’t generate as high a yield.  The entire down move we saw is because of the strengthening of the CAD$.

E.T.F.'s

It is exposed to the US$.  There is a hedged version (ZPH-T).  It finds the best quality US companies across all 10 sectors and then it writes puts 10-15% below market and harvests the yield.  When volatility is low, as it has been previous in the year, you can’t generate as high a yield.  The entire down move we saw is because of the strengthening of the CAD$.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$17.780
Owned Owned
Unknown

COMMENT

A very interesting way and a little more diversifying, then what he normally does, of Covered Calls. He likes the product, but doesn’t buy it himself because he deals with a client base that is fairly mature.

E.T.F.'s

A very interesting way and a little more diversifying, then what he normally does, of Covered Calls. He likes the product, but doesn’t buy it himself because he deals with a client base that is fairly mature.

E.T.F.'s
John Hood

President & Portfolio Manager, J. C Hood Investment...

PricePrice
$18.080
Owned Owned
No

BUY

He talked about swapping out ZPW-T a while back, but now he likes it with the stronger CAD $.  ZPH-T gives you hedging and you would eventually swap back into it.

E.T.F.'s

He talked about swapping out ZPW-T a while back, but now he likes it with the stronger CAD $.  ZPH-T gives you hedging and you would eventually swap back into it.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$17.830
Owned Owned
Unknown

COMMENT

He doesn’t use this, but sees absolutely nothing wrong with it. It is very similar to doing a Covered Call.

E.T.F.'s

He doesn’t use this, but sees absolutely nothing wrong with it. It is very similar to doing a Covered Call.

E.T.F.'s
John Hood

President & Portfolio Manager, J. C Hood Investment...

PricePrice
$18.480
Owned Owned
Unknown

TOP PICK

This is a strategy where you are writing Put options against US securities. You are going to be penalized on collecting US dividends as it will be taxed as ordinary income. However, if you write a Put on the US stock, the dividend is implied in the Put. It is going to trigger to the US exchange fund as a capital gain. Has about a 7.2% yield.

E.T.F.'s

This is a strategy where you are writing Put options against US securities. You are going to be penalized on collecting US dividends as it will be taxed as ordinary income. However, if you write a Put on the US stock, the dividend is implied in the Put. It is going to trigger to the US exchange fund as a capital gain. Has about a 7.2% yield.

E.T.F.'s
Richard Croft

President, R.N. Croft Financial...

PricePrice
$19.035
Owned Owned
Yes

COMMENT

For a cash account, is a better to have this, or ZPW.U, the US version? Depending on what you want that currency exposure to be, you might want to consider ZPH-T which is a hedged version. Either one of them is fine to hold. If there is a sharp, sharp correction over weeks, these are still going to protect you on the downside, but are still going to have a bigger shock to the downside. These are equity exposures and are not fixed income replacements.

E.T.F.'s

For a cash account, is a better to have this, or ZPW.U, the US version? Depending on what you want that currency exposure to be, you might want to consider ZPH-T which is a hedged version. Either one of them is fine to hold. If there is a sharp, sharp correction over weeks, these are still going to protect you on the downside, but are still going to have a bigger shock to the downside. These are equity exposures and are not fixed income replacements.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$19.620
Owned Owned
Unknown

DON'T BUY

ZPW-T vs. ZPH-T.  ZPH-T is hedged against currency risk.  The cost of hedging is the differential in the cost of writing the forward contract.  He is fully hedged on all portfolios.  The CAD$ may go back to $.80.  If markets sell off and contracts come into the money they may get taken out.   A 20% down for the market will cause many of their stocks to come down into the money.

E.T.F.'s

ZPW-T vs. ZPH-T.  ZPH-T is hedged against currency risk.  The cost of hedging is the differential in the cost of writing the forward contract.  He is fully hedged on all portfolios.  The CAD$ may go back to $.80.  If markets sell off and contracts come into the money they may get taken out.   A 20% down for the market will cause many of their stocks to come down into the money.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$19.650
Owned Owned
No

COMMENT

ZPW-T vs. ZPH-T. You have 100% equity exposure even though they are miss-classified on many trading platforms that look at what is in them.  They are writing options.  The fixed income holing is just there for margin purposes.  It is a treasury bill so there is no risk to it.  These are not fixed income. 

E.T.F.'s

ZPW-T vs. ZPH-T. You have 100% equity exposure even though they are miss-classified on many trading platforms that look at what is in them.  They are writing options.  The fixed income holing is just there for margin purposes.  It is a treasury bill so there is no risk to it.  These are not fixed income. 

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$19.540
Owned Owned
Unknown

COMMENT

ZPH-T or ZPW-T? He likes them both. When he thinks the CDN$ is going to get weaker, $.02, $.03, $.04, he wants this one. When he thinks the Cdn$ may get stronger, then he wants ZPH and wants to hedge the currency risk.

E.T.F.'s

ZPH-T or ZPW-T? He likes them both. When he thinks the CDN$ is going to get weaker, $.02, $.03, $.04, he wants this one. When he thinks the Cdn$ may get stronger, then he wants ZPH and wants to hedge the currency risk.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$19.210
Owned Owned
Unknown

COMMENT

The best 100 companies with write-options 15% or so below market.  If markets decline rapidly, you don’t get a lot of support from it.  But if a decline is over 6 months you won’t see a lot of downside.

E.T.F.'s

The best 100 companies with write-options 15% or so below market.  If markets decline rapidly, you don’t get a lot of support from it.  But if a decline is over 6 months you won’t see a lot of downside.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$19.280
Owned Owned
Unknown

COMMENT
BMO US Put Write ETF.(ZPW-T) 

January 30, 2017

It is priced in US$ so you have currency exposure.  Last year there was a lot of price decline due to currency fluctuation.  This ETF is not risk free.  If all the holdings in the ETF go down a lot there is a downside risk.  Liquidity is not an issue for this ETF.

E.T.F.'s

It is priced in US$ so you have currency exposure.  Last year there was a lot of price decline due to currency fluctuation.  This ETF is not risk free.  If all the holdings in the ETF go down a lot there is a downside risk.  Liquidity is not an issue for this ETF.

E.T.F.'s
Adam Thomas

Vice President & Portfolio Manager, Qwest Fund Managemen...

PricePrice
$19.620
Owned Owned
Unknown

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