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Week of December 4, 2023

Tactical changes:


Week of November 27, 2023

Tactical changes:

  • Growth: Took profits on currency trades: BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Hedged to CAD Index ETF (ZDM). Tactical Global Growth ETF Fund
  • Balanced: Continued to trade duration, in this case, cutting duration. Tactical Balanced ETF Fund
  • Dividend: Continued to trim SPDR S&P Emerging Markets Dividend ETF (EDIV); also took profits on currency trades: BMO Europe High Dividend Covered Call ETF (ZWP) to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE). Tactical Dividend ETF Fund


Week of November 20, 2023

Tactical changes:

For all three mandates, Larry previously raised the beta from the lows, but still has controls (i.e., hedges) in place.


Week of November 6, 2023

Tactical changes:

On all three mandates, Larry has increased the upside potential by buying back half of the calls. He sold some out of money puts to pay for it. He still has puts in place for a “buffered” or “range” protection.


Week of October 30, 2023

Tactical changes:


Week of October 23, 2023

Tactical changes:

For all three mandates, the portfolios remain defensive with continued use of hedges.

  • Growth: : Trimmed BMO MSCI Emerging Markets Index ETF (ZEM) and added to BMO Clean Energy Index ETF (ZCLN). Tactical Global Growth ETF Fund
  • Balanced: Trimmed VanEck Gold Miners ETF (GDX) to add to iShares 20 Plus Year Treasury Bond ETF (TLT); also trimmed BMO MSCI Emerging Markets Index ETF (ZEM) and added to BMO Clean Energy Index ETF (ZCLN). Tactical Balanced ETF Fund
  • Dividend: : Trimmed SPDR S&P Emerging Markets Dividend ETF, and added BMO Covered Call Health Care Units ETF (ZWHC) and BMO Covered Call Canadian Banks ETF (ZWB). Tactical Dividend ETF Fund


Week of October 16, 2023

Tactical changes:

For all three mandates, Larry continues to hedge the portfolios.


Week of October 2, 2023

Tactical changes:

Overall, September was a good month for the portfolios, relative to benchmarks. For all three mandates, Larry maintains a defensive position.

  • Growth: Placed a currency trade in developed markets, selling 50% of the BMO MSCI EAFE Hedged to CAD Index ETF (ZDM) and buying the BMO MSCI EAFE Index ETF (ZEA); also added to the BMO Clean Energy Index ETF (ZCLN) and reduced the Global X Uranium ETF (URA) in rebalancing clean energy. Tactical Global Growth ETF Fund
  • Balanced: Bought, sold, and brought duration into the portfolio last week. Tactical Balanced ETF Fund
  • Dividend: Placed a currency trade in covered call Europe, selling 50% of the BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and buying the BMO Europe High Dividend Covered Call ETF (ZWP). Tactical Dividend ETF Fund


Week of September 25, 2023

Tactical changes:

For all three mandates, Larry maintains a defensive position.


Week of September 18, 2023

Tactical changes:

For all three mandates, Larry maintains a defensive position with risk protection on the portfolios.

  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: Continued to trade duration in the bond portion of the portfolio; increased duration by 1.26 years. Tactical Balanced ETF Fund
  • Dividend: Trimmed exposure to BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE); currently considering BMO Equal Weight Banks Index ETF (ZEB) and BMO Covered Call Canadian Banks ETF (ZWB). Tactical Dividend ETF Fund


Week of September 4, 2023

Tactical changes:

For all three mandates, Larry maintains a defensive position.


Week of August 28, 2023

Tactical changes:

For all three mandates, Larry maintains a defensive position.

  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: Cut duration in iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
  • Dividend: Trimmed SPDR S&P Emerging Markets Dividend ETF (EDIV) and BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE); added income exposure to the U.S. and Canada using BMO Premium Yield ETF (ZPAY) and BMO Canadian High Dividend Covered Call ETF (ZWC), respectively. Tactical Dividend ETF Fund


Week of August 21, 2023

Tactical changes:

All three mandates remain in a defensive position.


Week of August 14, 2023

Tactical changes:

All three mandates remain in a defensive position.


Week of August 7, 2023

Tactical changes:

All three mandates remain in a defensive position.

  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: Bought and sold iShares 20 Plus Year Treasury Bond ETF (TLT) last week as yields generally rose. Larry expects higher yields will play out in the coming quarters, has added duration to the portfolio with TLT and looks to add more yield in the future. Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of July 31, 2023

Tactical changes:

All three mandates remain in a defense position.


Week of July 24, 2023

Tactical changes:

All three mandates remain in a defense position.


Week of July 10, 2023

Tactical changes:

No significant changes in the equity positions in all three mandates. For the BMO tactical balanced etf fund, Larry has extended duration by selling ZST (ultra short term corporate bonds) and buying TLT (long treasuries).


Week of July 3, 2023

Tactical changes:

In all three mandates, no significant trades last week. In this week’s writeup on each fund, Larry included attribution for the trades he did in Q2.


Week of June 26, 2023

Tactical changes:

All three mandates remain in maximum defense.

  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of June 19, 2023

Tactical changes:

All three mandates remain in maximum defense.


Week of June 12, 2023

Tactical changes:

On all three mandates, Larry positioned the portfolio for more protection by rolling up his puts to 4300 on the S&P 500.

  • Growth: Sold Japan exposure; bought Franklin FTSE South Korea ETF (FLKR) and some of BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); bought Invesco S&P 500® Equal Weight ETF (RSP) and BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Global Growth ETF Fund
  • Balanced: Sold Japan exposure; bought Franklin FTSE South Korea ETF (FLKR) and some of BMO MSCI EAFE Hedged to CAD Index ETF (ZDM); bought Invesco S&P 500® Equal Weight ETF (RSP) and BMO MSCI Emerging Markets Index ETF (ZEM). Tactical Balanced ETF Fund
  • Dividend: Increased income by selling BMO International Dividend Hedged to CAD ETF (ZDH) and buying BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE) and BMO Covered Call Energy Units ETF (ZWEN). Tactical Dividend ETF Fund


Week of June 5, 2023


Week of May 29, 2023

Overall, the three mandates remain in defense position for protection and participation.

  • Growth: : Rotation in S&P 500 holdings from market cap to equal weight (sold BMO S&P 500 Hedged to CAD Index ETF [ZUE]; bought Invesco S&P 500 Equal Weight ETF [RSP]); repositioning to reduce tech exposure. Tactical Global Growth ETF Fund
  • Balanced: Rotation in S&P 500 holdings from market cap to equal weight (sold BMO S&P 500 Hedged to CAD Index ETF [ZUE]; bought Invesco S&P 500 Equal Weight ETF [RSP]); repositioning to reduce tech exposure. Also bought iShares 20 Plus Year Treasury Bond ETF (TLT). Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of May 22, 2023

On all three mandates, Larry maintains a maximum defense position with regard to the protection and the participation.


Week of May 15, 2023

On all three mandates, Larry maintains a maximum defense position with regard to the protection and the participation.


Week of May 1, 2023


Week of April 24, 2023


Week of April 17, 2023


Week of April 10, 2023

  • Growth: Taking some profits in the Vanguard European Stock Index Fund ETF (VGK) and adding a defensive layer with the BMO Ultra Short-Term Bond ETF (ZST); also cut the VanEck Gold Miners ETF (GDX) position in half. Tactical Global Growth ETF Fund
  • Balanced: Taking some profits in the Vanguard European Stock Index Fund ETF (VGK) and adding a defensive layer with the BMO Ultra Short-Term Bond ETF (ZST) and BMO Equal Weight Utilities Index ETF (ZUT); also cut the VanEck Gold Miners ETF (GDX) position in half. Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of March 27, 2023

  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: Added back some of the duration we sold the previous week (iShares 20 Plus Year Treasury Bond ETF – TLT). Tactical Balanced ETF Fund
  • Dividend: Took profits on half of the BMO Premium Yield ETF (ZPAY) exposure and tilted defensively to BMO Covered Call Utilities ETF (ZWU), which has more energy exposure. Tactical Dividend ETF Fund


Week of March 20, 2023


Week of March 13, 2023


Week of March 6, 2023


Week of February 27, 2023

Larry remains defensive, having rolled up the long put range of protection in February on all three mandates.


Week of February 20, 2023


Week of February 13, 2023

On all three mandates, Larry rolled up the hedges to raise his floor; no changes to the underlying holdings for all three mandates.

  • Growth: Sold VanEck Semiconductor ETF (SMH); bought the Invesco S&P 500• Equal Weight Technology ETF (RYT); reduced exposure to the Global X US Infrastructure Development ETF (PAVE) and the BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT); added a broader based exposure to the Industrial Select Sector SPDR• Fund (XLI) to slightly reduce portfolio risk. Tactical Global Growth ETF Fund
  • Balanced: Sold VanEck Semiconductor ETF (SMH); bought the Invesco S&P 500• Equal Weight Technology ETF (RYT); reduced exposure to the Global X US Infrastructure Development ETF (PAVE) and the BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT); added a broader based exposure to the Industrial Select Sector SPDR• Fund (XLI) and the BMO Equal Weight Utilities Index ETF (ZUT) to slightly reduce portfolio risk. Tactical Balanced ETF Fund
  • Dividend: Sold the BMO Covered Call Technology ETF (ZWT) to reduce technology given the rally. Tactical Dividend ETF Fund


Week of February 6, 2023

On all three mandates, Larry rolled up the hedges to raise his floor.


Week of January 30, 2023


Week of January 23, 2023

Tactical changes:

In terms of Protection and Participation, Larry remains hedged on the three mandates.

  • Growth: Sold half of the VanEck Gold Miners ETF (GDX) to buy the First Trust NASDAQ Cybersecurity ETF (CIBR) and the Global X FinTech ETF (FINX); also trimmed the iShares MSCI Thailand ETF (THD) and added the iShares MSCI Indonesia ETF (EIDO). Tactical Global Growth ETF Fund
  • Balanced: Cut duration by selling the iShares 20 Plus Year Treasury Bond ETF (TLT) and reducing the VanEck JP Morgan EM Local Currency Bond ETF (EMLC) in favour of the BMO Ultra Short-Term Bond ETF (ZST). Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of January 9, 2023

Tactical changes:


Week of December 19, 2022

No changes to the hedges (Protection & Participation).

Early in December, on all three mandates, Larry further increased the Participation & Protection to close to 80% for the Balanced mandate, and close to 70% for the Dividend and Growth mandates. The Protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400.

Tactical changes:


Week of December 12, 2022

No changes to the hedges (Protection & Participation)

Tactical changes:

  • Growth: Moved from BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Index ETF (Hedged Units) (ZDM). Tactical Global Growth ETF Fund
  • Balanced: Moved from BMO MSCI EAFE Index ETF (ZEA) to BMO MSCI EAFE Index ETF (Hedged Units) (ZDM). Tactical Balanced ETF Fund
  • Dividend: Moved from BMO International Dividend ETF (ZDI) to BMO International Dividend ETF (Hedged Units) (ZDH), and from BMO Europe High Dividend Covered Call ETF (ZWP) to BMO Europe High Dividend Covered Call ETF (Hedged Units) (ZWE). Tactical Dividend ETF Fund


Week of December 5, 2022

Last week, on all three mandates, Larry further increased the participation and protection to close to 80% for the Balanced mandate and close to 70% for the Dividend and Growth mandates. The protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400. See the “PRO-EYES” indicators section in the reports for more details.

Tactical changes:


Week of November 28, 2022

For all three mandates, Larry further increased the participation and protection to close to 80% for the Balanced mandate and close to 70% for the Dividend and Growth mandates. The protection associated with the S&P ranges between “at the market” (3900/4025) and 3200. Covered Calls are also set at 4400.

Tactical changes:


Week of November 21, 2022

As a reminder, last week, on participation vs. protection, Larry increased his hedge to 60% for Balanced and over 50% for the Dividend and Growth mandates: the protection associated with the S&P for a range between 3900 and 3200 and Covered Calls are set at 4400.

Tactical changes:

  • Growth: Sold half of the BMO MSCI EAFE Index ETF (ZEA) for the BMO MSCI EAFE Index ETF (Hedged Units) (ZDM) to hedge up some currency exposure after the recent Canadian dollar weakness. Tactical Global Growth ETF Fund
  • Balanced: Sold half of the BMO MSCI EAFE Index ETF (ZEA) for the BMO MSCI EAFE Index ETF (Hedged Units) (ZDM) to hedge up some currency exposure after the recent Canadian dollar weakness; profited on the iShares 20 Plus Year Treasury Bond ETF (TLT) above 100.50. Tactical Balanced ETF Fund
  • Dividend: Sold half of the BMO International Dividend ETF (ZDI) for the BMO International Dividend ETF (Hedged Units) (ZDH), and the BMO Europe High Dividend Covered Call ETF (ZWP) for the BMO Europe High Dividend Covered Call ETF (Hedged Units) (ZWE) to hedge up some currency exposure after the recent Canadian dollar weakness relative to the international crosses. Tactical Dividend ETF Fund


Week of November 14, 2022

For all three mandates, Larry has increased his hedge (to 60% for the Tactical Balanced ETF Fund and over 50% for the Dividend and Growth mandates). The protection associated with the S&P ranges between 3900 and 3200; covered calls are also set at 4400.

Tactical changes:


Week of November 7, 2022

Tactical changes:


Week of October 31, 2022

Tactical changes:


Week of October 24, 2022

Tactical changes:


Week of October 17, 2022

Tactical changes:

  • Growth: Sold KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) to get to market weight and rotated the exposure into VanEck Semiconductor ETF (SMH). Tactical Global Growth ETF Fund
  • Balanced: Sold KraneShares Bosera MSCI China A 50 Connect Index ETF (KBA) to get to market weight and rotated the exposure into VanEck Semiconductor ETF (SMH). Tactical Balanced ETF Fund
  • Dividend: No significant changes to holdings. Tactical Dividend ETF Fund


Week of October 10, 2022

Tactical changes:

  • Growth: Sold Invesco S&P 500 Equal Weight ETF (RSP) for BMO S&P 500 Index ETF (Hedged Units) (ZUE) to tilt away from value and more to growth. Tactical Global Growth ETF Fund
  • Balanced: Sold Invesco S&P 500 Equal Weight ETF (RSP) for BMO S&P 500 Index ETF (Hedged Units) (ZUE) to tilt away from value and more to growth. Tactical Balanced ETF Fund
  • Dividend: Sold BMO Europe High Dividend Covered Call ETF (ZWP), bough BMO Covered Call Technology ETF (ZWT); also sold BMO US High Dividend Covered Call ETF (ZWH) and replaced it with BMO US Dividend ETF (Hedged Units) (ZUD) for more upside capture on an oversold bounce. Tactical Dividend ETF Fund


Week of October 3, 2022

Tactical changes:


Week of September 26, 2022

Tactical changes:


Week of September 19, 2022

Tactical changes:


Week of September 12, 2022

Tactical changes:


Week of September 6, 2022

Tactical changes:


Week of August 29, 2022

Tactical changes:


Week of August 22, 2022

Tactical changes:


Week of August 15, 2022

Tactical changes:


Week of August 8, 2022

Tactical changes:


Week of August 1, 2022

Tactical changes:

  • Protection and Participation: Entered a 1/3 S&P 500 hedge position on all three mandates at 4000 to the 3200 level, with a cap 4600.
  • Growth: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ), added BMO MSCI Emerging Markets Index ETF (ZEM) VanEck Gold Miners ETF (GDX), BMO EW Glbl Base Metals Hgd To CAD Idx ETF (ZMT) KraneShares Bosera MSCI China A 50 Connect Idx ETF (KBA) and ETFMG Alternative Harvest ETF (MJ). Tactical Global Growth ETF Fund
  • Balanced: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ), added BMO MSCI Emerging Markets Index ETF (ZEM) VanEck Gold Miners ETF (GDX), BMO EW Glbl Base Metals Hgd To CAD Idx ETF (ZMT) KraneShares Bosera MSCI China A 50 Connect Idx ETF (KBA) and ETFMG Alternative Harvest ETF (MJ). Tactical Balanced ETF Fund
  • Dividend: Took profits on BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) & BMO Premium Yield ETF Hedged to CAD (ZPAY.F), added BMO Covered Call Utilities ETF (ZWU) and BMO US High Dividend Covered Call ETF (ZWH) boosting the gross yield to 5.63%. Tactical Dividend ETF Fund


Week of July 25, 2022

Tactical changes:


Week of July 18, 2022

Tactical changes:

  • Participation/Protection for All Three Mandates: For all three mandates, no changes in the calls/hedging.
  • Growth: No significant changes to holdings. Tactical Global Growth ETF Fund
  • Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
  • Dividend: The recent bounce in global equities was led by Technology, and hence, we added a sleeve of BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ticker: ZQQ), given the lack of exposure to dividend-seeking yield plays in the sector. Tactical Dividend ETF Fund


Week of July 11, 2022

Tactical changes:


Week of July 4, 2022

Tactical changes:


Week of June 27, 2022

Tactical changes:

  • Growth: Added Tech beta to the mandate: Robotics (BOTZ), FinTech (FINX), Cloud (ClOU) and Clean Energy (ZCLN); trimmed EAFE (ZEA) and S&P 500 (ZUE). Tactical Global Growth ETF Fund
  • Balanced: No significant changes to holdings. Tactical Balanced ETF Fund
  • Dividend: For equities, added Tech beta to the mandate: Robotics (BOTZ), Fin Tech (FINX), Cloud (CLOU) and Clean Energy (ZCLN); trimmed EAFE (ZEA) and S&P 500 (ZUE); for fixed income, added Emerging Markets Local Currency Bond (EMLC). Tactical Dividend ETF Fund


Week of June 20, 2022

Tactical changes:

  • Growth: No significant changes to holdings.
  • Balanced: No significant changes to holdings.
  • Dividend: No significant changes to holdings.


Week of June 13, 2022

Tactical changes:


Week of June 6, 2022

Tactical changes:


Week of May 30, 2022

Tactical changes:


Week of May 23, 2022

Tactical changes:

  • Growth: Added a bit more into BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) from BMO S&P 500 Index ETF (ZSP). Tactical Global Growth ETF Fund
  • Balanced: Added a bit more into BMO NASDAQ 100 Equity Hedged to CAD Index ETF (ZQQ) from BMO S&P 500 Index ETF (ZSP); trimmed iShares 20 Plus Year Treasury Bond ETF (TLT) for cash. Tactical Balanced ETF Fund
  • Dividend: No significant changes last week. Tactical Dividend ETF Fund


Week of May 16, 2022

Tactical changes:

  • Growth: Added Global X Cloud Computing ETF (CLOU) and BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) to benefit from oversold Technology sector, and BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT) to add back exposure that was previously sold a few weeks ago at 20% higher; sold BMO S&P 500 Hedged to CAD Index ETF (ZUE). Tactical Global Growth ETF Fund
  • Balanced: Added Global X Cloud Computing ETF (CLOU) and BMO Nasdaq 100 Equity Hedged to CAD Index ETF (ZQQ) to benefit from oversold Technology sector, and BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT) to add back exposure that was previously sold a few weeks ago at 20% higher; Sold BMO MSCI EAFE Index ETF (ZEA); sees value in trading duration (sold iShares 20 Plus Year Treasury Bond ETF [TLT] into strength and bought back Friday, May 13). Tactical Balanced ETF Fund
  • Dividend: No significant changes last week. Tactical Dividend ETF Fund


Week of May 9, 2022

Tactical changes:


Week of May 2, 2022

Tactical changes:


Week of April 25, 2022

Tactical changes:

  • Growth: Sold exposure to Base Metals (ZMT); some of the proceeds went to the Biotech sector (XBI) and into China A-Shares (KBA). Tactical Global Growth ETF Fund
  • Balanced: Sold our longer-term core Base Metals exposure (ZMT); used some of the funds to buy Biotech sector (XBI) and China A-Shares (KBA); also added more duration this week with Treasuries (TLT). Tactical Balanced ETF Fund
  • Dividend: No significant changes last week. Tactical Dividend ETF Fund


Week of April 18, 2022

Tactical changes:


Week of April 11, 2022

Tactical changes:


Week of April 4, 2022

Tactical changes:


Week of March 28, 2022

Tactical changes:

  • Growth: Took profits in CIBR (Cyber Security) and trimmed the positions in FLMX (Mexico) and FLBR (Brazil); this has been repositioned into Europe, Australasia and Far East – EAFE (ZEA) and Emerging Markets (ZEM). Tactical Global Growth ETF Fund
  • Balanced: Took profits in CIBR (Cyber Security) and trimmed the positions in FLBR (Brazil); this has been repositioned into Europe, Australasia and Far East – EAFE (ZEA) and Emerging Markets (ZEM); also added TLT (US Treasuries). Tactical Balanced ETF Fund
  • Dividend: No significant changes last week. Tactical Dividend ETF Fund


Week of March 21, 2022

Tactical changes:


Week of March 14, 2022

Tactical changes:

  • Growth: Cut exposure on the risk-off trade by reducing GDX (Gold); also trimmed ZMT (Materials) to rebalance risks; bought more of ZEA (Developed Markets). Tactical Global Growth ETF Fund
  • Balanced: Cut exposure on the risk-off trade by reducing GDX (Gold); also trimmed ZMT (Materials) to rebalance risks; room to reload on the weakness, while also adding to existing themes, i.e., EMLC (Emerging Markets Local Bond), MJ (Alternative Harvest ETF) and KWEB (Chinese Internet). Tactical Balanced ETF Fund
  • Dividend: Sold out of GDX (Gold); bought more emerging markets (DEM). Tactical Dividend ETF Fund


Week of March 7, 2022

Tactical changes:

  • Growth: Took profits in XLE (Energy); swapped the Currency exposure in developed markets, selling ZDM to buy ZEA (MSCI EAFE). Tactical Global Growth ETF Fund
  • Balanced: Took profits in XLE (Energy). Swapped the currency exposure in developed markets selling ZDM to buy ZEA (MSCI EAFE); maintaining overweight to Europe and Emerging Markets, as we still believe there is value on a relative basis. Tactical Balanced ETF Fund
  • Dividend: Sold out Utilities; swapped the Currency exposure in developed markets (ZDH to ZDI; ZWE to ZWP); maintaining overweight to Europe and Emerging Markets, as we still believe there is value on a relative basis. Tactical Dividend ETF Fund


Week of February 28, 2022

Tactical changes:


Week of February 21, 2022

Tactical changes:


Week of February 14, 2022

Tactical changes:


Week of December 13, 2021

Tactical changes:


Week of December 6, 2021

Tactical changes:

  • Growth: Protection hedges helped last week, as volatility has picked up; no significant change in positions last week. Tactical Global Growth ETF Fund
  • Balanced: Continued to tilt the portfolio to Emerging Markets and EAFE, and will look to start reducing the U.S. exposure. Tactical Balanced ETF Fund
  • Dividend: Protection hedges helped last week, as volatility has picked up; continued to add Emerging Markets and reduce gold exposures. Tactical Dividend ETF Fund


Week of November 29, 2021

Tactical changes:


Week of November 22, 2021

Tactical changes:


Week of November 15, 2021

Tactical changes:

  • Growth: Moved to hedge the currency, converting ZSP to ZUE; also added to HMMJ (Marijuana). Tactical Global Growth ETF Fund
  • Balanced: Moved to hedge the currency, converting ZSP to ZUE; also added to HMMJ (Marijuana), and added EMLC (Emerging Markets debt). Tactical Balanced ETF Fund
  • Dividend: Moved to hedge the currency, converting ZDY and ZPAY to ZUD and ZPAY.F. Trimmed GDX and added more to DVYE/DGS/DEM (Emerging Dividends). Tactical Dividend ETF Fund


Week of November 8, 2021

Tactical changes:

  • Growth: Reduced U.S. Large Cap (ZSP) and added to UK (FLBR). Continued to add Emerging Markets (EM) with a purchase to Brazil (FLBR) to complement existing EM exposures. Tactical Global Growth ETF Fund
  • Balanced: Reduced U.S. Large Cap (ZSP) and added to UK (FLBR). Continued to add Emerging Markets (EM) with purchases in Brazil (FLBR) to complement existing EM exposures. Tactical Balanced ETF Fund
  • Dividend: Reduced U.S. Dividend exposure and Gold (GDX), and increased Emerging Markets (EDIV, DGS) and Developed Markets (ZWP). Tactical Dividend ETF Fund


Week of November 1, 2021

Protection & participation:

  • In the past week, Larry extended out the downside protection of the three funds to December 31 (range of 4600 to 4300 of the S&P 500).

Tactical changes:


Week of October 25, 2021

Tactical changes:


Week of October 18, 2021

Tactical changes:


Week of October 11, 2021

Protection & participation:

  • In the past week, Larry rolled the downside protection to put in place a range from 4325 to 4100 (S&P) for October month end. No covered call options set at this time.

Tactical changes:


Week of October 4, 2021

Tactical changes:

  • Growth: Rolled the gold miners trade from ZGD (BMO Equal Weight Global Gold Index ETF) to GDX (VanEck Gold Miners ETF/USA). Tactical Global Growth ETF Fund
  • Balanced: Added EMLC (Emerging Markets Fixed Income) Also rolled the gold miners trade from ZGD to GDX. Tactical Balanced ETF Fund
  • Dividend: Trimmed ZDY (US dividends) vs. ZDI (International Dividends); also took profits in ZWK (US banks). Also rolled the gold miners trade from ZGD to GDX. Tactical Dividend ETF Fund


Week of September 27, 2021

Tactical changes:


Week of September 20, 2021

Tactical changes:


Week of September 13, 2021

Tactical changes:

  • Growth: Move smaller, country-specific holdings to a broader range of stocks in mid and smaller caps; FLBR (Brazil) replaces EWZ (Brazil) and BRF (Argentina); FLGB (UK) replaces EWU (UK) and EWUS (UK Small Cap); and FLMX (Mexico) replaces EWW (Mexico). Tactical Global Growth ETF Fund
  • Balanced: Move smaller, country-specific holdings to a broader range of stocks in mid and smaller caps (not listed in the top 20 holdings); FLBR (Brazil) replaces EWZ (Brazil) and BRF (Argentina), and FLGB (UK) replaces EWU (UK) and EWUS (UK Small Cap). Tactical Balanced ETF Fund
  • Dividend: No trades last week. Tactical Dividend ETF Fund


Week of September 6, 2021

Tactical changes:


Week of August 30, 2021

Tactical changes:


Week of August 23, 2021

Tactical changes:


Week of August 16, 2021

Market Insights:

  • There were no trades last week for the tactical mandates managed by Larry Berman.

Tactical changes:


Week of August 9, 2021

Tactical changes:



Week of August 2, 2021

Tactical changes:

  • Growth: Unhedged some US dollar exposure, selling BMO S&P 500 Hedged to CAD Index ETF (ticker: ZUE) and buying BMO S&P 500 Index ETF (ticker: ZSP). Tactical Global Growth ETF Fund
  • Balanced: Emerging Markets local currency (ticker: EMLC) bought and sold. Unhedged some US dollar exposure, selling BMO S&P 500 Hedged to CAD Index ETF (ticker: ZUE) and buying BMO S&P 500 Index ETF (ticker: ZSP). Tactical Balanced ETF Fund
  • Dividend: Unhedged some US dollar exposure, selling BMO Premium Yield ETF (ticker: ZPAY) and buying BMO Premium Yield ETF (Hedged Units) (ticker: ZPAY-F). Tactical Dividend ETF Fund



Week of July 26, 2021

Tactical changes:

  • Growth: Added to longer-term thematic exposure (Chinese Internet) KWEB and hedged all US dollar exposure. Tactical Global Growth ETF Fund
  • Balanced: Added thematic holding (emerging markets local currency) EMLC, added to longer-term thematic exposure (Chinese Internet) KWEB and hedged all US dollar exposure. Tactical Balanced ETF Fund
  • Dividend: Added thematic holding (emerging markets dividend) DEM and hedged all US dollar exposure. Tactical Dividend ETF Fund



Week of July 19, 2021

Tactical changes:


Week of July 12, 2021

Tactical changes:

  • Growth: Hedged US$ exposure selling ZSP for ZUE ( S&P 500). Added longer-term thematic trade (Chinese Internet) KWEB after it hit capitulation oversold levels last week. Tactical Global Growth ETF Fund
  • Balanced: Hedged US$ exposure selling ZSP for ZUE ( S&P 500). Added longer-term thematic trade (Chinese Internet) KWEB after it hit capitulation oversold levels last week. Tactical Balanced ETF Fund
  • Dividend: Reduced US$ exposure selling ZPAY for ZPAY/F (Alt income). Opportunity to add to ZWK (US Banks covered call) on the recent dip. Tactical Dividend ETF Fund


Week of July 5, 2021

Market Insights:

  • There were no trades last week for the tactical mandates managed by Larry Berman.

Tactical changes:


Week of June 28, 2021

Market Insights:

  • There were no trades last week for the tactical mandates managed by Larry Berman.

Tactical changes:


Week of June 21, 2021

Market Insights:

  • On his approach of participation and protection, Larry maintains a downside hedge between 4200-3750 on the S&P 500, with a covered call at 4400 through September 30, 2021.

Tactical changes:


Week of June 14, 2021

Market Insights:

  • There were no trades last week for the tactical mandates managed by Larry Berman.

Tactical changes:


Week of June 7, 2021

Market Insights:

  • Participation and Protection: Larry maintains the hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30, 2021. This is a tactical hedge and is actively adjusted as opportunities develop.

Tactical changes:


Week of May 31, 2021

Market Insights:

  • The tactical mandates continue to provide a mix of protection and participation. The mandates have a downside hedge range on the S&P 500 in place from 4200-3750, with a covered call at 4400 through September 30, 2021.

Tactical changes:


Week of May 24, 2021

Market Insights:

  • Continue to see the Fed as the swing factor in markets. The Treasury needs to raise another $600B in excess of what the Fed is monetizing. That should add stress to asset prices in the coming quarters.
  • Value remains evident in emerging markets, where we look to add exposure as more opportunity develops.

Protection and Participation:

  • Downside hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30th. This is a tactical hedge and is actively adjusted as opportunities develop.

Tactical changes:

  • Growth: Shifted the balanced of our S&P 500 exposure back to ZSP from ZUE (hedged). Reduced ZGD (gold equities) exposure from about 15% to 10% with proceeds to cash for now. Tactical Global Growth ETF Fund
  • Balanced: Back to market weight US dollars. (sold ZUE and bought ZSP). Reduced exposure from about 10% to 6% as gold rallied and gold stocks moved back towards fair value. Tactical Balanced ETF Fund
  • Dividend: Raised cash last week by taking profits on our gold equity (ZGD) exposure. Tactical Dividend ETF Fund


Week of May 17, 2021

Market Insights:

  • Continue to see the Fed as the swing factor in markets. We now know that the Treasury needs to raise another $600B in excess of what the Fed is monetizing. That should add stress to asset prices in the coming quarters.

Protection and Participation:

  • Downside hedge on the S&P 500 in place from 4200-3750 with a covered call at 4400 through Sept 30th. This is a tactical hedge and is actively adjusted as opportunities develop.

Tactical changes:



Week of April 26, 2021

On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). Overall, he still sees one more push further to even higher valuations. The mandates currently have full upside participation as he as not written calls on the portfolio. He is studying them at this time to create a further buffer given the market advances already this year.

  • BAL: Added exposure to INDA and rolled half the currency exposure to EAFE by selling ZEA to buy ZDM. Turned over the long-bond position 200% in April. Bond duration closed slightly up from the previous week, but was as low at 7 and as high as 11 during the week. Bond yields dropped significantly and our long duration position was cut accordingly as part of the active focus on duration.
  • GRO: Made a currency-based tactical shift from ZEA to ZDM on half our exposure. Added INDA given longer-term growth exposure, and reduced exposure in the more overvalued US large caps (ZSP).
  • DIV: Moved from ZDI to ZDH given the weakness in the C$ prior to the BoC announcement to shift currency exposure. Trimmed gold exposure as planned on strength and boosted EM allocation, viewing dividends from EM markets as a good relative growth source.


Week of April 19, 2021

On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He is reviewing them at this time to create a further buffer given the market advances already this year.

  • BAL: Bond yields dropped significantly last week and our long duration position was cut accordingly as part of the active focus on duration.
  • GRO: Added to the energy (reflation) trade by buying XLE and selling ZSP. Trimmed gold equities (ZGD) a bit on the strength; it remains a high conviction risk/return trade.
  • DIV: Cut exposure to the US$ above 1.26 as we see another dip below 1.24 in the coming weeks. Trimmed gold exposure as planned on strength, and boosted EM and European exposure.


Week of April 12, 2021

Larry made the following changes to the core of the tactical mandates. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He is studying them at this time to create a further buffer, given the market advances already this year.

  • BAL: Added to the US$ currency hedge last week rotating ZSP/ZUE. Also added energy XLE and EM exposure as they have hit our relative buy target. Increased duration in fixed income on weakness.
  • GRO: Significantly reduced our US$ exposure this week above 1.26 and looked for another move back to 1.23 where US$ exposure is more attractive again (Reduced ZSP and added ZUE). Sold some core S&P 500 to add 1% to energy (XLE that has seen a 15% relative correction in recent weeks).
  • DIV: Continued to increase EM exposure relative to other regions. Trimmed gold company exposure last week on improving relative strength. Also, slightly reduced US$ exposure last week with a shift from ZPAY/ZPAY-F.


Week of April 5, 2021

Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio.

  • BAL: Bought and sold duration (TLT) again. Improving the average cost on the position and looking to take advantage of extreme volatility in fixed-income. Hedged currency US equity exposure with a ZSP to ZUE trade.
  • GRO: Hedged some of our US equity exposure by shifting some exposure from ZSP to ZUE. Bought back the ZMT exposure we trimmed on the overbought condition.
  • DIV: We continue to increase EM exposure relative to other regions.


Week of March 29, 2021

Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he has not written calls on the portfolio.

  • BAL: Trimmed EMLC and then bought it back about 2% lower. Traded duration (TLT) last week several times adding about 5 bps in value. Added to global mining (ZMT) on the dip last week.
  • GRO: Added exposure back to global mining (ZMT) as the sector declined about 15% from recent highs. Trimmed exposure to Japan again as they boosted purchases of ETFs.
  • DIV: Trimmed ZWU last week and added to US pipelines AMLP on the correction in the US energy sector. Added to global mining (ZMT) on the dip last week.


Week of March 22, 2021

Larry has made a few changes in the core of the tactical mandates last week. On his approach of participation and protection, he continues to hold put protection, between 3875-3500 of the S&P. The mandates currently have full upside participation as he as not written calls on the portfolio.

  • BAL: Sold some EMLC and added to TLT last week against the important technical support. Sold S&P 500 and added exposure to China A-Shares.
  • GRO: Sold S&P 500 to add an initial 1% to China, now boosting the overall EM weight.
  • DIV: Trimmed the gold sector a bit last week on the bounce (targeting 20% for now). Also adding EM given the relative weakness.


Week of March 15, 2021

Larry has made a few changes in the core of the three tactical mandates, which are in defense mode, with an overlay of participation and protection. He continues to hold a level of protection (downside between 3875-3500, i.e., 10% of the S&P 500).

  • BAL: Equities - Bought ZEM. Core equity exposure now above 60%. Fixed Income - Active on our duration management. Sold ZPR to add duration in TLT.
  • GRO: Equity - Added 5% to emerging markets (ZEM) this week and sold the US market (ZSP). Reduced small cap UK (EWUS) to add to large cap UK (EWU).
  • DIV: No trades last week. ZEM is already positioned in the mandate.



Week of March 8, 2021

Larry has made a number of changes in the three tactical mandates. He continues to maintain a level of protection (holding downside, between 3875-3500, i.e., 10% of the S&P 500).

  • BAL: Equity - Added S&P 500 (by 5%); clean energy (ZCLN); medical marijuana (HMMJ); global base metals (ZMT); Brazil (EWZ). Core US/EAFE equity is now at target weight of 55. Fixed Income - Active on duration management; extended it as yields tested key support (trimmed ZPR to add duration with TLT). Bought global emerging market debt (EMLC).
  • GRO: Added ZMT; energy and mining (EWZ); clean energy (ZCLN); medical marijuana (HMMJ); new position in cybersecurity (CIBR). Took half profit on our equal weight US exposure (RSP) and rolled that back to market cap weight S&P (locked in more than 500bps of alpha relating to that trade).
  • DIV: Sold part of ZWU, added ZUD for more growth potential, while maintaining dividend yield. OPEC+ surprised the market this week; mandate had lightened up in the sector expecting more supply. The C$ benefited, and that hurt this week with the euro falling versus the US$ on a flight to safety.



Week of March 1, 2021

Larry has made a few changes in the core of the mandate last week. Mostly related to bond markets and the potential that rising yields will push the FOMC into yield curve control later this year. See below for changes. On his approach of participation and protection, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). This will help mitigate the risk of the bond market to stress the stock market. The mandates currently have full upside participation as he as not written calls on the portfolio.

  • BAL: Sold ZCB to buy ZST. Reduce credit risk and duration, but added to TLT to offset. Shifted all long bonds into TLT for more active duration management.
  • GRO: Tactically sold half of ZMT as reflation trade getting crowded. Proceeds back to RSP (equal weight S&P 500 ETF). Equal weight S&P has outperformed the market weight S&P by over 350 bps this year.
  • DIV: No trades.


Week of February 22, 2021

Larry has made a number of changes in the mandates last week – He increased the core beta in all three mandates. In addition, Larry continues to hold a level of protection (put protection, between 3875-3500 of the S&P). The mandates currently have full upside participation as he as not written calls on the portfolio. He continues to tactically manage his holdings and degree of participation and protection.

  • BAL: Sold ZPAY, ZWP, ZWC, ZWU, bought ZSP, ZEA
  • GRO: Sold ZPAY, ZWP, bought ZSP, ZEA
  • DIV: Sold ZWP, bought ZDI



Week of February 15, 2021

Larry continues his participation and protection.

  • For participation, the core beta is inline with last week: Tactical Global Growth core beta is 71%, Tactical Dividend core beta is 62%, Tactical Balanced core beta is 26%.
  • For protection, the portfolio is partially hedged between 3875 and 3500.

Trading for the week included tweaks in the three tactical mandates:

  • Tactical Balanced: a bit more ZPR and TLT.
  • Tactical Growth: increasingly adding to EM and Asian exposures.
  • Tactical Dividend: Starting to reduce ZWU exposure to fund more global (EM) dividend.

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