Global markets keep climbing despite geopolitical tension,
shifting rate expectations, and nonstop headlines—but how should
you actually build an ETF portfolio in this environment?
According to Ryan Lewenza, it all comes back to one thing:
earnings. Strong revenue growth, record profit margins, and
resilient fundamentals are what continue to power equities
higher, even as uncertainty lingers. In this episode of In the
Money with Amber Kanwar, Amber sits down with the Senior
Portfolio Manager, Private Client Group from Turner Investments
to break down how to construct a disciplined ETF portfolio around
what actually drives returns—and why chasing narratives like AI
without earnings support can be a mistake.
In the Mailbag, Ryan answers your ETF questions with a focus on
real portfolio construction. For commodity exposure, he
highlights the iShares S&P/TSX Global Base Metals ETF (XBM)
and the SPDR S&P Metals & Mining ETF (XME). On energy
hedging, he explains why trying to pick Brent vs. WTI is
overthinking it, and instead suggests broad exposure. He’s not a
fan of the ARK Innovation ETF (ARKK), pointing to weak long-term
performance, and prefers simple growth exposure through the
Invesco QQQ Trust (QQQ) or Technology Select Sector SPDR Fund
(XLK). For private market and IPO exposure, he points to Fidelity
Global Innovators ETF (FINN), while defensive investors can look
at BMO Low Volatility Canadian Equity ETF (ZLB). Income seekers,
meanwhile, should consider the Invesco Canadian Dividend Index
ETF (PDC), and for housing exposure, he mentions the SPDR S&P
Homebuilders ETF (XHB)—though timing depends heavily on interest
rates.
In Pro Picks, Ryan lays out a clear ETF blueprint built around
where he sees the next rotation. He highlights the Vanguard Value
ETF (VTV) as a core play on value stocks as leadership shifts
away from growth. To capture the AI-driven power demand theme, he
likes the BMO SPDR Utilities Select Sector Index ETF (ZXLU),
calling utilities a “wimpy way to play AI” with both defensive
and growth characteristics. And for international upside, he
points to the Franklin FTSE South Korea ETF (FLKR), driven by
semiconductor exposure and still benefiting from the global AI
buildout. The message is simple: build around earnings, stay
diversified, and don’t overcomplicate what ultimately drives
returns.
Timestamps
00:00 Trailer
02:05 Intro
03:00 It’s earnings, earnings, earnings
06:20 What could take the market down? Will rates tip it
over?
08:10 Will oil hit $150?
09:40 But is this time different? What’s the new normal because
of AI?
11:20 What does Ryan’s portfolio look like?
14:35 What is safety these days?
16:20 Ryan expects a big rotation out of U.S. into
Canada
18:05 Hamilton ETFs: MIX
20:10 ITM Mailbag: Mining ETFs: XBM, XME
22:10 Thoughts on a Brent Oil ETF
23:25 Cathie Wood’s ARK innovation ETF
25:05 Passive vs. Active management
27:10 Exposure to upcoming IPOs like SpaceX? FINN
29:10 Low volatility ETF (ZLB)
30:50 Income seeking ETF (PDC)
32:30 U.S. housing & construction
34:30 Ryan’s Pro Picks & How to Choose the Best ETFS (
VTV, FLKR)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
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DISCLAIMERS
The content provided in this podcast is for informational
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professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
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contained herein should not be construed as investment advice or
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performance data assumes reinvestment of distributions and
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