Dual-Listed Horizons DLR
DLR.TO and DLR.U.TO are identical units of the Global X US Dollar Currency ETF. DLR.TO is priced in CAD, while DLR.U.TO is priced and settled in USD.
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INTERACTIVE WIZARD
Norbert's Gambit Execution Wizard & FX Journaling Engine
Canadian banks and discount brokerages levy predatory 1.5% to 2.5% currency conversion markups when purchasing U.S. index ETFs. Calculate your exact dollar savings, generate 1-click trade tickets, and copy pre-formatted journaling scripts tailored to your brokerage.
NET CASH SAVED
$293
Total cash saved on this conversion compared to bank retail rates.
TYPICAL BANK FX MARKUP
$298 (1.99%)
Hidden currency spread taken by your broker if converted automatically.
TOTAL EXECUTION COST
$4.95
Combined buy + sell trade commissions for the dual-listed ETF.
NET CONVERTED CASH
$10,987.05 USD
Estimated clean currency delivered to your target ledger.
BREAKEVEN TRANSACTION
$249 CAD
Minimum conversion size where Gambit math beats retail spread.
EFFECTIVE EXCHANGE RATE
1.3655
Realized conversion rate after accounting for all trade friction.
Conversion Parameters
Optimal efficiency achieved on transactions exceeding $1,000.
1 USD = ~1.365 CAD.
Injects into request.
🏛️ The Institutional Tax Alpha Link
Under Article XXI of the Canada-U.S. Tax Treaty, holding U.S.-domiciled ETFs (VTI, VOO, SCHD) directly in an RRSP eliminates 100% of the 15% dividend withholding tax. Executing Norbert's Gambit allows you to fund your RRSP in USD at zero spread markup!
Net FX Saved
$293
View Ticket ↓
Execution Guide • Questrade
🚀 Step 1: Pre-Flight Verification
Before placing your orders, ensure your brokerage sub-account has sufficient settled cash. Norbert's Gambit uses Global X US Dollar Currency ETF (DLR / DLR.U) to swap CAD and USD without paying currency exchange spreads.
Settlement Rule
T+1 Business Day
Modern Canadian clearing cycle.
Dual-Listed Security
DLR.TO / DLR.U.TO
Trades on the Toronto Stock Exchange.
Click Next Step → to generate your exact Buy Limit Order Ticket with calculated share count and limit price.
Broker-by-Broker Norbert's Gambit Comparison Guide
While the theoretical mechanics of Norbert's Gambit are identical everywhere (converting CAD to USD using dual-listed Global X DLR/DLR.U), every Canadian discount brokerage has distinct execution rules, settlement timing, and support procedures:
| Brokerage | Journaling Method | Trading Fees | Settlement Cycle |
|---|---|---|---|
| Questrade | Live chat or authenticated email request | $0 to buy DLR.TO; ~$4.95 to sell DLR.U.TO | T+1 day buy • 1-2 days to journal |
| TD Direct Investing | WebBroker auto-match overnight (or telephone) | $9.99 CAD buy + $9.99 USD sell ($19.98) | Instant phone / Next-day online |
| RBC Direct Investing | Online "Move Securities" tool or phone | $9.95 CAD buy + $9.95 USD sell ($19.90) | 1 business day online |
| BMO InvestorLine | Secure Message or telephone agent | $9.95 CAD buy + $9.95 USD sell ($19.90) | 1 - 2 business days |
| Scotia iTRADE | Trade desk (1-888-872-3388) or secure email | $9.99 CAD buy + $9.99 USD sell ($19.98) | 1 - 2 business days |
| ⭐ National Bank (NBDB) | Secure messaging or phone agent | $0 Buy + $0 Sell (100% Free!) | 1 - 2 business days |
| Interactive Brokers (IBKR) | Direct institutional spot FX (No Gambit needed!) | $2.00 USD flat total | Instantaneous |
Mechanics Explained
How Norbert's Gambit legally bypasses bank FX spreads
Understanding the structural mechanics of Global X DLR and interlisted securities.
The Journaling Process
Journaling simply transfers your shares from the Canadian ledger to the U.S. ledger of your account at your brokerage. It is not a taxable sale and produces zero capital gains tax liabilities.
Settlement Discipline (T+1)
Canadian and U.S. equities settle in T+1 business days. Always wait until the trade settles before requesting the journal to prevent settlement mismatch rejections.