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If you want to be in Europe, you are better to play the euro through iShares S&P Europe 350 (IEV-N). The trouble with the Swiss ETF is that it is going to be dominated by Nestlé.

What ultimately drives share prices of an ETF? Is it actual trading or only a reflection of the trading of the underlying securities? Or both? It tends to be a bit of both. In Canada it is the NAV that will determine the starting price but during the day, supply and demand can move the price off the NAV a little bit. In the US it trades much tighter.

This is as good as any for European exposure but will tend to be dominated by financials, big drug companies and some of the big consumer stable companies. Optimism is coming back in Europe that maybe the worst is behind them.

He owns this as a sort of core holding for absolute yield, but has taken a big chunk of this and moved it to iShares S&PTSX N.A. Preferred (XPF-T) which he likes because it is 50% US Preferreds and the other half is in Canadian preferreds. The spread between preferred share yields in the US and the 10 year bonds is still extremely high so there is room for that spread to come down.

Doesn’t know this one specifically but for healthcare, there are a couple of them such as BMO EqWt US HthCare Hedged CAD (ZUH-T) and iShares Global Healthcare (IXJ-N). Global ones tend to be big Pharma and usually a little bit of biotech.

Russell 2000 is small cap, but by American standards they are pretty big companies. This tends to be a bit more domestic US oriented. Because he thinks the US itself will do well this tends to outperform the broader market initially. About a quarter of it is in small financials.

This complements iShares S&P TSX Global Gold (XGD-T), which he owns for his more aggressive accounts. Likes the mining business globally. The thing he likes most about this is it is dominated by fantastic global big companies.

This is not hedged, but once the Cdn$ moves up to $1.01, $1.02 or $1.03, he thinks it is in the topping out stage and thinks the Cdn$ will start to drift down.