The Upside: Smart money moves: Making ETFs work for you

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Recent studies show that young Canadians still consider family as their

 

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main source for financial guidance and learning but numbers also show they are

 

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open to new financial service providers and resources.

 

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How can investors, especially new investors, start on their financial journey

 

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and what are some helpful things they should keep in mind?

 

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Our tax and retirement expert Michelle Munro is here to share some helpful tips

 

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investors can take with them.

 

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Michelle, we're talking about smart money moves and we're talking about

 

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starting on your investment journey.

 

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Thanks so much for being here. What can you tell new investors, maybe investors

 

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just starting out on their journey, tips you can share with them.

 

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We want to start early, stay consistent

 

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and automate. So let's break it down.

 

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We're starting early. I'm gonna start with a story.

 

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I started working about 30 years ago.

 

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Coulda, woulda, shoulda from an investing standpoint, if I'd

 

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invested $10 a week, I wouldn't have noticed $10

 

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a week. Truth be told, that would have been just over $15,000

 

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that I would have saved and invested.

 

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I'm telling this story just about the importance of starting early,

 

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and even a little bit consistently

 

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year after year for decades really adds

 

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up.

 

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That number is huge and, like you said, putting just

 

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a little bit away you won't notice it but investing

 

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in it and the power of it growing and compounding is key.

 

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It's key and it's the consistency.

 

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Year in year out, markets will go up, markets will go

 

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down but you just keep on investing.

 

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That's kind of hard to do which

 

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leads me to the third one which was automate it.

 

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Make it easy for yourself.

 

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Just make it come out of your paycheque or whatever, your bank account, every

 

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week. In my example set up a pre-authorized contribution

 

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plan so it's just, you don't even realize it's happening.

 

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My example, I said, well, $10 a

 

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week but what if we did $50 a week or

 

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$100 a week?

 

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Albeit, 30 years ago, that was a lot of money.

 

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It still is a lot of money but you'd really compound

 

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that nest egg.

 

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Emily, I'm going to throw this back to you, how does that sort of land with

 

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your own investment journey?

 

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Absolutely. I have a young family, I have two kids under six years old so my

 

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investment goals are different.

 

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I definitely want to save money for their education and for

 

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travel with the family but I just love this message about sending

 

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the importance of investing early, early on

 

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with the kids, really just show them the value of saving

 

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and investing.

 

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You're really setting them up for success.

 

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I love all those tips. Start early, consistency and make it easier for

 

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yourself with automated payments.

 

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Now, Michelle, there is so much information out there, financial

 

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information, how can investors sift through all of that and take

 

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what they need?

 

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There is so much information out there.

 

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It can be sort of overwhelming and you don't know where to start.

 

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Most of us will start on our phones, right, and key something in

 

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and then the algorithm takes over and then it becomes more and more and

 

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more, a little bit of analysis paralysis almost.

 

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It's overwhelming. I should also say sometimes is conflicting too.

 

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Our audience, we're watching the Upside+, wonderful.

 

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Well, great, continue on with that,

 

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that's a great start.

 

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I know you have a whole line-up of different videos.

 

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Also, Fidelity has podcasts.

 

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We're watching, we can listen, we can also read, there's

 

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so much on the Fidelity website, fidelity.ca.

 

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Because there is so much information out there, well, thinking about

 

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where do you want to start. I think that's where you're looking at, well, what

 

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are your financial goals?

 

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Is it a vacation, is it saving for a car, down payment for a

 

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home, maybe a second home, maybe retirement

 

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is the biggest one.

 

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No matter what that goal is get granular about it.

 

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What does that vacation look like, where are you going, how long are you going

 

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to stay for?

 

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The thing is, once you really get passionate and excited about that goal then

 

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all the other pieces sort of fall into place.

 

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You can get more targeted about what you're asking, what you're

 

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reading, what you're listening to, really get targeted about coming up with

 

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your your plan, if you will

 

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Now, new investors, maybe young investors starting out may look to social media

 

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for financial advice.

 

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Good or bad?

 

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Great because you're getting excited, you're learning about it.

 

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Take it with a little bit of a grain of salt because they're short snippets

 

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which may not just tell the whole picture.

 

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Sometimes I'll see something on social media and I'll be like,

 

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oh, kind of they're not quite right.

 

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Taking it one step further, often reading the comments that somebody said,

 

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well, yeah, and whoever the content

 

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creators missed C, D and F, so adding that to

 

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it as well.

 

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Working with a financial advisor, I

 

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think we've sort of talked about it.

 

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In many past episodes, for sure, another great resource.

 

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Right, but financial coach because it's

 

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instructional but it's also the emotional aspect because

 

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life happens. There's bumps along the way.

 

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How do you stick to your plan?

 

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Maybe you do need to make a little tweak along the way.

 

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It's a real partner to help you achieve

 

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your goal.

 

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Michelle, what are the benefits of diversifying your investments along the way?

 

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Diversification, there's a saying that says, oh, you don't want to put all your

 

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eggs in one basket.

 

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When it comes to investing I'd like to sort of reframe it a little

 

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bit and say, okay, well, maybe it's okay to have a basket

 

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but let's put more than just eggs into that basket.

 

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Maybe we want some bread, maybe we want bacon, maybe we want some tomato,

 

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avocado, salt and pepper.

 

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That sounds pretty good.

 

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All that to say is that we want to have enough to make a meal.

 

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As we save and invest more we're going

 

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to grow that basket.

 

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Maybe sometimes we'll have a little more eggs, maybe we'll want a little bit

 

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more toast, what have you.

 

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Bring it back to your original question, why do we want to have

 

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diversification?

 

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Markets, they go up and they go down.

 

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If one class has gone down a little, well, if

 

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you're diversified not your whole entire portfolio has

 

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gone down so you've stayed the same, maybe you've increased in

 

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a different asset area.

 

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All of that together.

 

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There are market fluctuations.

 

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What does that come back to, well, you're overall staying

 

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on track to reach those goals.

 

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Earlier we talked about media

 

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and your phones and stuff like that. I read the headlines same as you

 

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and sometimes you read them and you're like...

 

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You get freaked out or you get maybe emotional about it and you don't

 

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know where to think. Financial advisors, obviously, can help you

 

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sort of navigate those waters while you figure out where should I put my money.

 

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I found that sometimes I'll go back and I'll look back at my portfolio.

 

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It's well diversified and

 

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maybe there's been a market downturn but I've weathered

 

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through that and it gives me that confidence to stay

 

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on track and really achieve my long term goals.

 

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Michelle, all good stuff here. Lastly, what important message do you want to

 

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leave investors with?

 

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Really be kind to your future self.

 

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I'm going to share a story again. At the

 

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end of every winter I take a little 20

 

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and I put it in my winter coat pocket.

 

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I

 

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take it out the next year and I'm like, ah,

 

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I've got a 20, hooray!

 

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I'm like, yay, me!

 

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But investing is sort of a little bit like that

 

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idea on steroids.

 

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You put that 20 away and you leave it there for years,

 

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for decades into the future.

 

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Bringing it back, what do we want for our

 

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call to action for our audience?

 

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Starting early, be consistent for years, for decades,

 

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it adds up.

 

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Diversification, in that basket we want to have more than eggs, we

 

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want to have a full meal.

 

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Finally, the financial information.

 

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There's a lot out there.

 

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Thank you for listening because by watching Fidelity

 

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Upside+ you're really setting yourself up for success.

 

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This is the first step. If you haven't invested yet it's not too late.

 

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No time like the present.

 

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Michelle, as always, thank you so much for being here and sharing your

 

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insights. Really appreciate your time and thanks so much.

 

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It's a pleasure.

 

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We know diversification is key to growing your money and investments and

 

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ETFs are an investment vehicle that could help you grow your portfolio.

 

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Here at Fidelity Canada our ETF product line has grown

 

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and evolved since 2018.

 

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I sit down with a long-standing member of the ETF team at Fidelity,

 

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Étienne Joncas-Bouchard, Director of ETFs and Alternative Strategy.

 

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Étienne tells us exactly how ETFs have evolved in our product space and

 

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what trends he's noticing in the ETF landscape.

 

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Étienne, thank you so much for being here. Great to see you.

 

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Great to have you in the studio.

 

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We are talking ETFs.

 

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When Fidelity first came out with their ETF products, I believe in 2018,

 

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we had a few on the line.

 

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Now we have over 50 products, I believe.

 

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What an evolution. Can you sort of take us through that evolution and what has

 

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stood out to you in this whole process?

 

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Absolutely, and thanks for having me. It's great to be here.

 

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We've had, obviously, a very long and strong growth trajectory

 

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over the past, let's call it seven to eight years.

 

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Our first initial products that we launched back in 2018 were focused on high

 

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yielding dividend stocks.

 

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Really the idea was to, over the course of multiple years to build out

 

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a line-up that was focused on product

 

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differentiation, not so much cost differentiation. I think when we think about

 

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the ETF space, really, a lot of the noise comes from being lower

 

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cost. Our objective is always to provide tools for

 

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portfolios or just building blocks for advisors, for investors

 

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to look at and say, this is something that I can incorporate to complement

 

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something that already exists in my portfolio, to supplement maybe an exposure

 

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that I'm looking to get.

 

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Really, it's been over those, let's call it seven years, we've launched now

 

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more than 50 ETFs. We have more than $15 billion in total

 

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assets. Obviously, thank you to everybody who supported that.

 

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Really, the culmination of all that work was building our All-in-One ETF

 

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portfolios which combine 14 to I think close to 20

 

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ETFs in certain of them. That's really kind of the end game which was

 

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to provide these kind of turnkey solutions but we needed to launch each

 

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individual building block first.

 

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At the same time the market has gone through so many phases during that

 

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seven and eight year period.

 

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Huge transitions. Obviously, it's kind of like you categorize

 

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the time before the pandemic, during the pandemic, coming out of it, and

 

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now with everything that's going on in the world right now.

 

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It's gone through many phases too so ETFs have sort of lent itself in

 

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different ways through all that time.

 

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Absolutely. There's been a lot of innovation through those periods.

 

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I think it's created needs for

 

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investors that maybe they didn't necessarily know or think that they had.

 

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It's led to asset managers such as Fidelity to go back and take

 

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a look at the line-up and say where are there holes, potentially, that I can

 

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fill? That's really what we've been trying to achieve as well.

 

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Definitely, the pandemic was a very unique and challenging situation but it

 

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allowed for us, anyways, to really

 

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kind of step on the accelerator coming out of the pandemic in terms of

 

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launching new products, having more innovative strategies.

 

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It's really paid dividends so far.

 

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It was, obviously, a very interesting time.

 

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We joined the ETF industry in 2018 when the growth phase

 

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had already really started and we were kind of capturing the continuation

 

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of the adoption of the ETF vehicle by Canadian investors which really started

 

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post great financial crisis.

 

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Let's take a step back. For an investor who's just starting out on their

 

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investment journey, if they're looking to ETFs what's the biggest difference

 

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between ETFs and mutual funds, let's say, and why would ETFs be

 

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appealing to them?

 

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That's a great question. I think even before maybe looking at some of the main

 

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differences, I think it's almost like dispelling certain myths.

 

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I think a lot of folks will look at ETFs to say, oh, ETFs

 

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are passively managed and funds are actively managed.

 

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I think that's kind of the biggest myth out there where, realistically, they're

 

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both investment vehicles, pooled investment vehicles.

 

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You buy shares into many securities that are underlying in

 

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that structure but then, obviously, there comes some actual

 

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differences which is not so much on the management style but more on the kind

 

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of operational side. I think the big advantage of the ETF is that you can

 

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actually trade it throughout the day on an exchange.

 

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That provides flexibility, it provides clarity also on

 

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pricing, you can see the price move throughout the day depending on supply

 

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and demand, depending on the liquidity of the underlying stocks, how those are

 

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reacting, or bonds.

 

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It's become almost sometimes even a price discovery tool, which I know that

 

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might be getting into the weeds a little bit there but it acts as

 

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a looking forward tool when markets are less liquid or more volatile.

 

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In periods like March 2020 and others the ETF vehicle was there

 

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to provide liquidity when maybe some of the underlying securities weren't.

 

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If I'm a new investor and I'm trying to consider both, I think it really just

 

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depends on preference, if you will, from a trading standpoint.

 

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Also, some strategies tend to work better in a mutual

 

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fund format. Some strategies are just more popular also in an ETF format.

 

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You'll generally not really see any passively managed mutual funds

 

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while on the ETF side you can see strategic beta or

 

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factor-based, we have passive as well as active.

 

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I think the ETF has a bit more of a breadth in terms

 

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of the management style as well as the different types of strategy.

 

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There's more ETFs traded on the TSX than there are stocks.

 

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I think there's an option for everyone out there.

 

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Wonderful overview.

 

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Like you said, ETFs offer flexibility, diversification,

 

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and getting into the market at a lower cost, if that's what you want.

 

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Now, our ETFs, our All-in-One ETFs are wildly successful

 

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here at Fidelity. Can you let us know why it's so appealing and why it's doing

 

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so well?

 

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It depends on the period that we look at.

 

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This is the beautiful thing about these portfolios, that we've constructed them

 

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in a way where we want them to be very core and very diversified as much from

 

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an asset class perspective, right? You can get a mix of fixed income,

 

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100% fixed income all the to 100% equity and then pretty

 

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much anything in between in terms of your base asset mix, and that's dependent

 

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on your risk profile, your objectives from a financial standpoint.

 

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Really, those portfolios have been successful because of the building blocks

 

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that we've put together there where, as I was mentioning, from an asset class

 

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perspective, geographic perspective, they're global from a style standpoint.

 

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We incorporate value stocks, we incorporate quality stocks, momentum stocks,

 

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low volatility stocks. These are all different characteristics or traits of

 

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various baskets of stocks that when you build them all together

 

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offers better diversification

 

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than just a traditional market cap-weighted index or passively managed

 

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solution. That's allowed us to be successful.

 

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We, obviously, have a small crypto allocation in the portfolios which is not

 

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only unique but over the life cycle of the funds since we

 

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started them in 2021 has been an additive part of the portfolio.

 

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Those are some of the uniquenesses versus, say, some of our main competitors.

 

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Every calendar year it's been something different in the portfolio that's

 

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helped it along the way. I think that's just a testament to the construction.

 

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We know that our Fidelity ETF lineup caters to many investor needs.

 

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Étienne, just to sum it up, why would investors consider ETFs?

 

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There's many good answers.

 

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I think the ETF market in general, whether that's Fidelity or just the Canadian

 

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ETF industry in general, there's so much choice.

 

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You can literally find pretty much anything you're looking for from an

 

[00:17:58.143]

investment style standpoint if you're looking for a specific outcome.

 

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I think that's really the main message, if you're looking for income

 

[00:18:05.350]

generation there's a bunch of ETFs that can do that for you.

 

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If you want equity exposure but with less risk there's low volatility ETFs.

 

[00:18:11.390]

You want specific sector exposures you can get that, specific commodity

 

[00:18:15.027]

exposures. There's just such a wide breadth of solutions

 

[00:18:19.131]

out there.

 

[00:18:21.233]

To supplement that, if you will, the ease of access, the ease

 

[00:18:25.170]

of transaction, the cost of transaction is also very low.

 

[00:18:30.542]

Most of the ETFs that are traded on the Canadian exchanges are very liquid and

 

[00:18:34.713]

very easy to trade. Those are some of the main advantages.

 

[00:18:38.750]

I'm sure there's a bunch more than I'm not thinking of.

 

[00:18:42.387]

Now, Étienne, we thought we would have fun for our last segment.

 

[00:18:45.290]

We dug deep into the internet and asked our investors their top ETF questions.

 

[00:18:49.862]

I have three here. We're going to make it a little challenging.

 

[00:18:52.598]

You have 30 seconds to answer each question.

 

[00:18:55.467]

You ready?

 

[00:18:56.101]

Absolutely.

 

[00:18:56.568]

Let's start the timer.

 

[00:18:59.404]

Number one, what should an investor look for when buying an ETF?

 

[00:19:04.476]

I think the number one thing to look for is cost of transaction.

 

[00:19:06.879]

That includes when you're looking at a spread.

 

[00:19:08.881]

You don't want to be trading something that's too illiquid.

 

[00:19:13.018]

Second would be take a look at the top 10 in terms of holdings that you're

 

[00:19:16.855]

getting. That'll be number two, the two ones that I'd focus on.

 

[00:19:21.193]

That was too easy. You answered that in 20 seconds.

 

[00:19:24.429]

Next question, are All-in-One

 

[00:19:28.367]

ETFs good for first-time investors or should they

 

[00:19:32.404]

have more of a mix?

 

[00:19:33.505]

The All-in-One ETFs, I think the big advantage of them is just the incorporated

 

[00:19:37.809]

diversification that we have already.

 

[00:19:39.978]

I think it fits many different types of investors depending on if you just want

 

[00:19:43.682]

to use that as just a core, you want to use it as a core and then add satellite

 

[00:19:46.652]

positions. The way that we've constructed them I think is good for a seasoned

 

[00:19:50.222]

investor, beginning investor, really kind of go anywhere type product.

 

[00:19:54.259]

Okay, 22 seconds is the sweet spot here.

 

[00:19:56.261]

That was great. That was really good.

 

[00:19:59.298]

Okay, last question here.

 

[00:20:01.333]

Can I use ETFs inside my TFSA or RRSP?

 

[00:20:05.070]

Good or bad idea and why?

 

[00:20:07.472]

You can use ETS in any type of investment account.

 

[00:20:10.909]

Boom, five seconds.

 

[00:20:14.880]

But you can, right?

 

[00:20:15.013]

Absolutely. You can use ETFs similarly to mutual funds. You can put it in your

 

[00:20:18.083]

TFSA, RRSP, Tax-Free Home Savings Account.

 

[00:20:20.686]

You can use it in your non-registered account.

 

[00:20:23.455]

That's kind of one of the great things of 81-102 type investment

 

[00:20:27.926]

vehicles, very flexible, very easy to use.

 

[00:20:31.563]

I didn't get to press the red button. There you go.

 

[00:20:36.468]

Étienne, thank you so much. Thanks for being here and it's great to see you.

 

[00:20:40.172]

Thank you. Thanks for having me.

 

[00:20:41.673]

Exchange-traded funds offer you the chance to invest in a diverse mix

 

[00:20:45.844]

of assets. Its flexibility makes it easier for investors to

 

[00:20:49.781]

participate in the market.

 

[00:20:51.516]

Whether you're just starting on your investment journey or reaching the later

 

[00:20:54.620]

chapters of your path towards retirement remember, consulting

 

[00:20:58.657]

with a financial advisor is the best way to make the most of your money and

 

[00:21:02.694]

your financial future. I'm Emily Anonuevo and thanks for watching the

 

[00:21:06.632]

Upside+.

 

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Thanks for listening to, or watching, Fidelity Canada's The Upside Podcast.

 

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We'll wrap things up today with a quick disclaimer.

 

[00:21:57.582]

The views and opinions expressed on this podcast are those of the participants

 

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and do not necessarily reflect those of Fidelity Investments Canada ULC or its

 

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affiliates. This podcast is for informational purposes only and should not

 

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It is not an offer to sell or buy or an endorsement, recommendation or

 

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Read a fund's prospectus before investing. Funds are not guaranteed.

 

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Their values change frequently and past performance may not be repeated.

 

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Fees, expenses and commissions are all associated with fund investments.

 

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Thanks for tuning in. We'll see you next time.