XI XIU.TO iShares S&P/TSX 60 Index ETF Loading... : Bullish and Bearish Analyst Opinions

The author explicitly states he sold RY and TD to buy a TSX index ETF. If the banks’ expected returns fall below 6.5%, a broad Canadian index ETF (which includes other sectors) may offer better risk-adjusted returns. Rotation from underperforming dividend stocks into a diversified index represents a bet on the overall Canadian market. TSX is heavily weighted in financials and energy; a downturn in those sectors would hurt the ETF.