Richard Orrell

These are big numbers, and it's just mind-boggling. He just hopes that investors don't get caught up in it too much. Keep an eye on how it trades and how everything trickles out.

Key word in the description is "active", compared to a number of passive ETFs in the space. It means a few additional expenses. Around only since early 2025, so not a long track record yet. Outperformed market since inception, but lagged a bit in last year.

If you're dead set on investing in those companies, it's an option. You just have to keep monitoring it. Personally, he'd wait for a 3-5 year track record to see if they're adding the alpha that they're promising. "Active" doesn't necessarily mean they'll beat the benchmark.

He prefers to be involved in the outright metals, because a lot can go wrong with individual companies and foreign jurisdictions.

Distribution is probably ~9%, and they usually try to keep the NAV fairly stable. On distribution, you have to watch how much they're returning in capital, how much is dividend, and how much is options income. Know that if markets come down, this will also come down.

This one is full equity exposure, so it doesn't count for the income side of a portfolio. It's more for longer-term growth, and can do well if you have a long enough time horizon. Structured as set-it-and-forget-it.

XEG would be for outright growth. ENCC is a covered call, more risk-adjusted approach -- caps upside, but helps stem some of the volatility by providing income.

XEG would be for outright growth. ENCC is a covered call, more risk-adjusted approach -- caps upside, but helps stem some of the volatility by providing income.

38 years old suggests a fairly long time horizon. This ETF has 20% fixed income (to dampen volatility) and 80% equity (for growth). Good building block for a long-term portfolio. Not a good option for saving to, for example, buy a house. Usually pretty low MER.

We've had lots of conflicts and we'll see how they evolve. He's not a policy expert, but we've seen so many drones come in. Iran sending out $30k drones, and the US shooting them down with $1M missiles, doesn't make sense in the long run. The nature of warfare is evolving. And that's why he prefers ETFs for this space, he doesn't know who the winning companies will be.

A good example to know what you own -- you can go online to research. He's not familiar with this one, but most hold actual bitcoin. Lots of volatility. He trades bitcoin more than anything else; hasn't held bitcoin for a few months. Bitcoin chart not looking good, might find some interest later this year.

Still a core holding. Solid.

AI buildout has been on fire. For extreme-growth clients. AI story is still alive and well, but you have to sit through the volatility.

Another core holding. Buy on dips, and it tends to go up over time.

Pretty thin slice of the AI trade. Companies within it have done well. Good theme, but if you're not diversified enough you have to be really careful. Cyclical. More of a trading vehicle. Nothing wrong with its structure or fees, but he wouldn't use it.

Nearly identical to QQC.F from today's Past Top Picks. Here you're getting the NASDAQ. If you're willing to let your $$ work for 5-10 years, you'll probably be OK. There will be bumps along the way (and SpaceX will be in there).

Fine if you have a longer-term growth objective.