People buy this for the 6% yield, but the banks and high-yield companies inside this ETFs yield only half that. Where's does the rest come from? This is about a return of your own capital to goose the yield, not a return on capital. You end up with a lower adjusted cost base, so when you sell it yet get whacked with a heavier tax.

(Past Top Pick on August 8, 2017, Up 7%) More diverse and better than XIU, though he's not buying this--or any Canadian equities now.

Where to park cash in an ETF? He uses HFR-T. It's very short term, like 2-3 months in bond duration. Very little volatility with this. The price never moves much, sticking around $10

He was buying it for diversification--it's not only about banks. There's nothing wrong with this. This ETF is about dividends as well as growth.

It has a lot of REITs and private equity, which he doesn't like.

He likes it because it tracks the S&P 500. It's his favourite holding and a core holding. Includes Berskhire-Hathaway, so this is one way to own this expensive stock, and it's well-diversified.