Pwl model etf. for your information only.

Pwl model etf The Rational Reminder Podcast is a weekly podcast on sensible investing and financial decision-making. ETF model portfolios that truly offer exposure to the factors. 22%, or roughly twice the weighted-average cost of the underlying ETFs. These robo advisors use similar low cost ETF in pre-determined portfolios based on your risk tolerance. 20% 5. , MSCI as of December 31, 2018 . Dec 23, 2020 Five Factor Investing with ETFs. AVUV and AVDV don't have much overlap with anything but there are some significantly lower expense ratio options to consider. Ce tableau est publié par PWL Capital Inc. . 2] Question – you give XIC a triumphant victory over VCN, but you’re model ETF portfolios recommend VCN. Total Market Index ETF (with ticker symbol XUU). Vanguard Global ex-US Aggregate Bond Index (VBG): 07/2014-présent Ben Felix Model Portfolio (Rational Reminder, PWL) ETFs & Review NTSX ETF Review – WisdomTree U. The podcast is hosted by Benjamin Felix and Dan Bortolotti, Portfolio Managers, and Mark McGrath, Associate Portfolio Manager at PWL Capital in Canada. This document provides the performance data for the Model ETF Portfolios as of August 2024, as compiled by the team. Canadian bonds make up the majority of the fixed income component in these asset allocation ETFs, so they also had the biggest impact on performance. PWL Wealth Centre; NBIN My Portfolio+; Jul 25, 2024 Perfecting the Perfect Portfolio If we look at the Couch Potato model ETF portfolios, versus holding the underlying US-listed ETFs directly (0. The meta changed overnight. , CRSP, FTSE Russell Indices, as of December 31, 2018 First, thank you for all you do, and the rest of the PWL team as well. That was enough to squeak past the net returns in Canadian dollars for the broad U. S. Last up, the Vanguard FTSE Global All Cap ex Canada Index ETF (VXC). About. I understand there isn’t a substantial difference between the @Julien B. The linked pdfs provide hypothetical performance back as far as 50 yrs. 6] but the goal would be to get to Portfolio Example #3 in your Ludicrous Model ETFs. The BMO and Mackenzie ETFs had slightly higher U. Portfolio Management and brokerage services are offered by PWL Capital Inc. 50%; DFA International Core Equity 0. It also makes it much harder for us to add value as full-service investment managers You would first analyze various equities that meet your desired requirements, and then from those selections create an ETF. Most ETF’s keep their fees lower than mutual funds, as they’re not heavily managed, they just follow the indexes. 2. They had PWL Model ETF Portfolios Security Name as of June 30, 2015 Conservative Cautious Balanced Assertive Aggressive Ticker Vanguard Canadian Short-Term Bond Index ETF VSB 70% 60% 50% 40% 30% Vanguard FTSE Canada All Cap Index ETF VCN 10% 13% 17% 20% 23% Vanguard U. They do this for a small fee, on top of the ETF MER. Measurement Period Balanced Portfolio (Scotia iTRADE Commission-Free ETFs) Balanced Portfolio Portfolio Management and brokerage services are offered by PWL Capital Inc. VXC vs. These ETFs make it easy to gain and maintain exposure to global stock markets with the click of a mouse, eliminating the hassle of juggling several ETFs in your all-equity portfolio. 3%, compared with roughly 5% to 6% for Canadian and international stocks. Justin Bender is the author of CPM Blog and a portfolio manager Model Portfolios. 2] Canadian equity: VCN/FLCD, XIC/FLCD, ZCN/FLCD [0:35:11. 4] 25 years of semi-fictional model ETF performance [0:04:17. As it says in this 2018 MoneySense article over the 10 years ending July 31, U. 5% in Canadian dollars, net of withholding tax. A broad-market bond ETF like XBB invests in short-, mid- and long-term bonds, some of which don’t mature for 20+ years. 19%). ETFs (54) Asset Allocation ETFs (6) Canadian Equity ETFs (1) Emerging Markets Equity ETFs (4) Fixed Income ETFs (7) Global Equity ETFs (4) International Equity ETFs (4) U. Together, we developed a hundred-year ownership vision that ensures we will remain fiercely independent and continue to provide conflict Unfortunately, it is not as easy as purchasing a nicely packaged factor ETF. ), and these products basically made the 3-4 fund ETF portfolio obsolete unless you're an extreme penny pincher. – CIEI and CEMI would be similar to the international and emerging markets equity ETFs from BMO and Mackenzie. U. All you guys at PWL are truly empowering the average Canadian investor with valuable, insightful and unbiased Model ETF Portfolios March 31, 2023. Our employees are our shareholders. Let’s take things one-step further with a five-ETF solution courtesy of PWL Capital’s Justin Bender and his “ridiculous” model ETF portfolio. XAW: A Day Late and a Tax Dollar Short. We then embark upon a 2. Vanguard Canada has provided a decent online form, which we’ve linked to in Step 1 of the model ETF portfolios section of the Canadian Portfolio Manager blog. Particular investments or trading strategies should be evaluated relative to each individual’s objectives in Opinions of PWL Capital constitute its judgment as of Team Parkyn - Doyon La Rochelle Model Portfolios - December 31, 2024; This table is published by PWL Capital Inc. PWL Planning Tools. 4] Introducing Justin’s foreign withholding tax ratio (or FWTR for short) [0:03:50. The argument usually goes something like The U. 00%; 4. Total Market Index ETF VUN iShares Core MSCI EAFE IMI Index ETF XEF iShares Core MSCI Emerging Markets IMI Index ETF XEC PWL Model ETF Portfolios as of June 30, 2015 Conservative Cautious Balanced Assertive Aggressive 70% 60% 50% 40% 30% 10% 13% 17% 20% 23% 10% 13% As a novice Especially if you aren't planning to retire in the US you should consider owning a globally diversified portfolio. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the current PWL Capital – Ottawa, 265 Carling Avenue, Suite 800, Ottawa, Ontario K1S 2E1 Tel 613-237-5544 • 1-800-230-5544 Fax 613-237-5949 4 Evaluating “Factor” ETFs 12 5 Targeting Factors without “Factor” ETFs 16 6 Proposed Model Portfolio 19. Information on which this table is based is available request. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the By selecting certain individual ETFs over the all-in-one asset allocation ETF an investor can save a not-so-insignificant 0. This table is published by PWL Capital Inc. Equity ETFs (1) Factor Investing (4) Foreign Withholding Tax (2) Index Construction (1) Investment Taxation (22) Norbert's Gambit (6) Podcast (11) Portfolio Construction HISA ETFs. All these ETFs pay monthly income and trade at a price at or slightly above their issue price ($50 for A GIC ladder arguably behaves more like a short-term bond ETF than a broad-market bond ETF; both GIC ladders and short-term bond ETFs invest in fixed income securities that mature in 1–5 years. I am currently just starting to read books about US and This document provides the performance data for the Model ETF Portfolios as of March 2025, as compiled by the team. 50%; 10. This document provides the performance data for the Model ETF Portfolios as of February 2025, as compiled by the team. Broad market Canadian bond ETFs lost around 12% across the board in 2022. equities also ended 2021 on a high note. When determining your willingness, ability and need to take risk, a good place to start is by completing a risk profile questionnaire. PWL offers Portfolio Management and brokerage services are offered by PWL Capital Inc. Justin Bender is the author of CPM Blog and a portfolio manager with PWL Capital Inc. Keeping it in relation to the US, sorry to ask these, but I wanted to get your perspective. Model ETFs; Calculators; White Papers; Search for: HOME Justin 2020-09-22T19:31:48+00:00. The U. Haha, yeah that's true. 4] Combining two asset allocation ETFs for a custom asset mix [0:03:07. These all in one ETF portfolios by Canadian Couch Potato are the best solution for the vast majority of DIY investors. Helping you frame financial decisions through the lens of living a good life. 94% stocks. Model Portfolios; Model Portfolios – December 31, 2024. 71% stocks . . com/go/ben-felix-model-portfolioI'm a huge fan of Ben Felix and his proposed factor tilts. 4. Reply reply Free essays, homework help, flashcards, research papers, book reports, term papers, history, science, politics [0:22:18] The predictive power of the Fama-French Five-Factor Model. PWL Capital :: Investing Wealth Management, Canada Vanguard Canadian Aggregate Bond Index ETF VAB U. The oldest, Purpose High Interest Savings ETF, was launched in 2013 in CAD and 2016 in USD, while all others were launched in 2019 or more recently. Total Market Index ETF VUN 10% 13% 17% 20% 23% In episode 129 of the Rational Reminder Podcast, "Five Factor Investing with ETFs", Ben Felix explores a portfolio model based on the Fama-French Five-Factor Model. This document provides the performance data for the Model ETF Portfolios as of January 2025, as compiled by the team. The all-in-one ETFs were revolutionary for the long-term, buy-and-hold indexer. VOO vs. Need help PWL Capital was founded in 1996 as an independent firm and has remained so ever since. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the Ludicrous Model ETF Portfolio (Before-Tax Asset Allocation): 56. Model ETF Portfolio Return Comparison as of June 30, 2017. 5%–27. 1. Model Portfolios Canadian Couch Potato 2023-07-04T04:23:04-04:00. for your information only. In Episode 8 of the Canadian Portfolio Manager Podcast, Justin starts off by answering a listener question regarding the currency exposure of two U. 4] The worst 1-year portfolio returns over the Vanguard Total Market ETF; 0. [0:26:11. stock market ETFs. As the “ex Canada” in their names During periods when global stocks have been outperforming Canadian stocks, I receive a growing number of questions asking why my model ETF portfolios are skewed so heavily towards Canadian stocks (as one might imagine, I receive the opposite feedback when Canadian stocks are outperforming global stocks). Five Canadian dollar HISA ETFs and two US dollar HISA ETFs are available in Canada. From a product cost standpoint, holding XAW (instead of purchasing all of its underlying ETF holdings), will cost you about 0. 50%; 16. O. Lowest Fee ETF Solution (RRSPs – Broad market Canadian bond ETFs lost around 12% across the board in 2022. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the For those who are not comfortable with doing the buying and selling of ETFs yourself, there is an option of a robo advisor. Still cheaper then bank mutual funds by at least 50%! ETF’s would be your best bet. PWL Capital recently published a white paper on how to estimate future stock and bond returns. 29% bonds / 70. This includes only two new ETF’s compared to a couch potato type portfolio that many of you might be familiar with. Particular investments or trading strategies should be evaluated relative to each individual’s objectives in consultation with the Investment Advisor. 28% in an RRSP (VBAL’s MER + foreign withholding tax = 0. stocks were seemingly unstoppable, with the S&P 500 delivering an annualized return of 13. (See: CAD/USD valuation about 4 years ago vs today). 38%: Vanguard FTSE Emerging Market ETF. Model Portfolios; Model Portfolios – March 31, 2025. Easily evaluate the performance of different planning outcomes with the detail required to make an informed decision. 52% per year can be expected (this estimate includes the lower Introducing PWL Toronto’s tax-loss selling ETF pairs: [0:31:33. The CCP portfolio (which XAW is a part of) is all-Canadian, and super simple to implement with only 3 ETFs. à titre informatif seulement. But at least PWL still keeps people in Sources: BlackRock Asset Management Canada Limited, BlackRock Inc. Jul 3, 2020. By holding the US-listed ETFs directly, an additional cost savings of 0. 50% 13. As we continue to the far right of the curve, we reach the market capitalization-weighted index portfolio. Download the PDF or see the interactive version below! Today we are going to roll out our new ETF model portfolios. Starting at with the ETF is kind of working 'backwards'. Bob Lai at Tawcan In episode 129 of the Rational Reminder Podcast, "Five Factor Investing with ETFs", Ben Felix explores a portfolio model based on the Fama-French Five-Factor Model. Together, we developed a hundred-year ownership vision that ensures we will remain fiercely independent and continue to provide conflict Model ETF Portfolios June 30, 2023. Particular investments or trading strategies should be evaluated relative to each individual’s objectives in Opinions of PWL Capital constitute its judgment as of Équipe Peter Guay Model Portfolios - December 31, 2024: Sources: DFA Returns Web, BMO, Ishares, Vanguard This table is published by PWL Capital Inc. Particular on Vanguard Canadian Short-Term Corp Bond ETF (VSC): 12/2012-present That said, I think PWL Capital use AVUV for their model portfolio because they want to capture the Small Cap Value factor and are less interested in the value factor in the broad market (the rationale is possibly somewhere in the 2020 paper - because there was IUSV in the 2019 paper's model portfolio - maybe for simplicity). Les investissements particuliers ou les stratégies de négociation doivent être évalués par rapport aux objectifs de chaque indiv idu en consultation avec le conseiller en placement. We will propose a model portfolio of ETFs that aims to achieve exposure to all five independent risk factors. Les informations sur lesquelles ce tableau est basé sont disponibles sur demande. A 100% gain when the CAD gains relative to the other currency 50% is a 0% gain. Sources: BlackRock Inc. The Ridiculous portfolio reports are available for download in the Model ETF Portfolios section of the Canadian Portfolio Manager blog. The PWL Model Portfolios have relatively short track records. Right now I buy 4 index funds; 41% VUN, 30% VCN, 21% VIU, 8% VEE (basically Hi Justin – this is Mark H from Edmonton. Information on which this table is based is available on request. Second, a question, Horizons has a newly Model ETFs. , CRSP, FTSE Russell Indices, as of December 31, 2018 PWL’s Bender, Bender & Bortolotti team is only able to work with clients with household accounts totaling $1 million or more. Clicking on either the Vanguard or iShares ETF buttons in Step 2 will generate the report in a separate tab. Using the same methodology, what are the expected returns for the Vanguard Asset Allocation ETFs, in terms of both the expected premium above inflation, and the expected return including inflation. Particular on When you purchase the unhedged foreign equity ETFs in our CPM model portfolios, Portfolio Management and brokerage services are offered by PWL Capital Inc. PAGE 4 Factor Investing with ETFs Introduction There is a better way to build an index fund This document provides the performance data for the Model ETF Portfolios as of August 2024, as compiled by the team. Short-term Canadian corporate bond ETFs make up 15% of the fixed income allocation of the iShares portfolios. Only pay commissions when you sell. Sources: taxtips. com, just type in the ticker on the left side and then go to the "Comps" tab. You can find funds with a lot of overlap but lower ratios with www. In one corner, we have the iShares Core S&P U. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the In episode 129 of the Rational Reminder Podcast, "Five Factor Investing with ETFs", Ben Felix explores a portfolio model based on the Fama-French Five-Factor Model. CPM’s published model portfolios are now all based on using asset-allocation ETFs from Vanguard, iShares, BMO or Mackenzie; for the DIYer who wants to, it explains how to use the underlying ETFs in their place. 50% 19. This document provides the performance data for the Model ETF Portfolios as of July 2024, as compiled by the team. 3. Justin is a CFA Charterholder and a CFP Professional. PWL’s Bender, Bender & Bortolotti team is only able to work with clients with household This document provides the performance data for the Model ETF Portfolios as of November 2024, as compiled by the team. Each week we discuss topics related to personal finance, investing, Justin Bender - Canadian Portfolio Manager now has his Model ETF Portfolios analysis updated to June 30, 2022. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the This paper will introduce the risk factors included in a prominent asset pricing model, the Fama French Five-Factor Model, and the empirical case to include exposure to these risk factors in portfolios. Choose the portfolio that best suits your risk profile: Scaredy-cats to the left, daredevils to the right. 05% FWT). , The Vanguard Group Inc. The Ben Felix Model Portfolio, developed by Ben Felix and Cameron Passmore of PWL Capital, is a globally diversified investment strategy that utilizes index funds and tilts towards specific factors, such as Size, Value, PWL Capital Model ETF Portfolios (Dimensional) PWL Capital offers wealth management services, simplifying wealth for Canadians. in Toronto. Get this portfolio here: https://optimizedportfolio. He is currently working towards obtaining the Trust and Estate PWL Capital's Bender Bender & Bortolotti team offers a combination of portfolio management, comprehensive planning, and personalized service. We would like to show you a description here but the site won’t allow us. Browse All. [0:31:20] How our model weighs the value of different markets and stock sizes. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the With a $200,000 portfolio you’ll save $112 per year by using the three-ETF model portfolio. Unlike the Vanguard and iShares ETFs, these two ETFs lack small-cap exposure (but as we’ve learned throughout this series, excluding small caps from market cap-weighted ETFs is not likely to significantly impact long-term performance. VXC is a direct competitor to the iShares Core MSCI All Country World ex Canada Index ETF (XAW). Thankyou for your time in advance for my possibly dumb question, please let me know if there is a better place to ask this question 🙇 Ben Felix and the folks at PWL capital came out with their 5 factor model portfolio here and it looks extremely interesting for people that want to diversify their risk factors. Justin - I really appreciate the time and effort that goes into providing this analysis on an ongoing basis Looking over the PWL Model ETF Portfolio table at the top of the article, one thing strikes me as particularly crazy and out of sync with the basic principles of risk/return – over 20 years, the 30% equity 70% bond portfolio delivered a XAW is a Canadian listed ETF, so you don't need to do Norbert's for that one. Questrade will let you purchase them with zero charges/commissions. You can click on either the Vanguard or iShares I’ve also included 10 Vanguard and iShares Ludicrous portfolio examples in the model ETF portfolio section of the CPM blog, PWL’s Director of Marketing, Martin Dallaire, will once again be judging the match. This report is published by PWL Capital Inc. 13%: Performance Cautious; Year-to-Date Return The creation and managing of ETF Model Portfolios is quite simple, but it’s important that you have a working knowledge of stocks and bonds and the associated risk and return potential. VTI – Vanguard S&P 500 or Total Stock Market ETF? The 7 Best International ETFs; The 8 Best Small Cap ETFs (4 From Plaid Model ETF Portfolio (Before-Tax Asset Allocation): 29. The race to the bottom for pricing on market-cap weighted ETFs has forced ETF companies to come up with ways that they can attempt to add value. 37; DFA295 3. Information on which this report is based is available on request. Vanguard US Aggregate Bond Index ETF (VBU): 07/2014-present > Vanguard US Aggregate Bond Index Minus About the Rational Reminder Podcast. Steven Leong, of BlackRock Canada, also drops in to provide his currency insights throughout the episode. For more on US and International withholding taxes on dividends please have a read of this paper from Justin Bender of PWL Capital. Overall great, but you could try to get the expense ratios a little lower. Home; like the iShares ETF XIC tracking the S&P/TSX Composite index for Canadian stocks, offers low-cost exposure to market risk. Learn more. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the As we move further along the curve to the right, we find that the portfolio risk bottoms out at around a 30% overweight to Canadian stocks (a similar mix to my PWL model ETF portfolios). Information on which this report is based is availabl e on request. For those who are not comfortable with doing the buying and selling of ETFs yourself, there is an option of a robo advisor. equity ETFs in our model portfolios returned between 24. It's the Justin Bender ones that introduce additional moving parts - and the option of doing US-listed ETFs in RRSPs. , which is regulated by the Canadian Investment Regulatory Organization (CIRO), and is a member of the Canadian Investor Protection Fund (CIPF). It includes 11 questions to help you consider your personal risk profile, as well Then Vanguard rolled out their all-in-one ETF series (think VGRO, VBAL), iShares and others quickly followed (XEQT, etc. A savings account ETF and/or GIC ladder can be used in the final 5 years for stability and predictability. , MSCI, FTSE Russell, as of December 31, 2018 . 0] Why people should be thinking about small cap Five Factor Investing with ETFs - PWL Capital This document provides the performance data for the Model ETF Portfolios as of December 2024, as compiled by the team. 09% MER + 0. Vanguard and iShares don’t offer their services for free though. We have also simulated different versions of the portfolio, including up to 60% bonds, following the study conducted by PWL Capital. Vanguard US Aggregate Bond Index ETF (VBU): 07/2014-présent > Indice Vanguard US Aggregate Bond moins les frais:1/2005-6/2014. PWL Wealth Centre; NBIN My Portfolio+; EN FR. Here we'll loo In episode 129 of the Rational Reminder Podcast, "Five Factor Investing with ETFs", Ben Felix explores a portfolio model based on the Fama-French Five-Factor Model. Tips, tools and tutorials for do-it-yourself ETF investors. equity ETFs in the CPM model portfolios. Ludicrous Model ETF Portfolio (Before-Tax Asset Allocation): 56. Since the introduction of the EMH as a falsifiable model in the mid-1960s, the field of asset pricing has revealed These have been very popular index ETF model portfolios going back 13 years. Still cheaper then bank mutual funds by at least 50%! Model ETF Portfolios October 31, 2023. He also was a writer at Moneysense Magazine. 06% bonds / 43. Model Portfolios. etfrc. PWL’s Bender, Bender & Bortolotti team is only able to work with clients with household accounts totaling $1 million or more. [0:36:52] Comparing the returns of a factor-loaded index with the US total market index. , which is regulated by Canadian Investment Regulatory Organization (CIRO), and is a member of the Canadian Investor Protection Fund (CIPF). This independence means that we can serve you without outside influence or pressure. Very inspiring and educational. The result has been the proliferation of ETFs with relatively high fees containing the word “factor” in their product name. PWL Capital was founded in 1996 as an independent firm and has remained so ever since. Overview; and other related strategies, holding ETF investments externally can lead to tax-reporting errors. In the opposite corner, spoiling This document provides the performance data for Model Portfolios for June 30, 2024 as compiled by the Parkyn-Doyon La Rochelle team. equity returns, due to the large-cap bias in their funds. equity returns, due to This document provides the performance data for the Model ETF Portfolios as of April 2024, as compiled by the team. 40%; Doyon La Rochelle Model Portfolios - June 30, 2024; This table is published by PWL Capital Inc. However, they often track indexes with a longer history, so whenever fund returns were not available, we used the underlying index returns and subtracted the This document provides the performance data for the Model ETF Portfolios as of September 2024, as compiled by the team. [0:30:25] Challenges to the Fama-French Model, what it accounts for, and how links to our new model portfolios. Vanguard Canadian Aggregate Bond Index ETF (VAB): 12/2011-présent > Indice Vanguard Canadian Aggregate Bond moins les frais: 1/2005-11/2011. For example, here are the suite of Vanguard asset allocation etfs (pdf link). 2] Global equity (ex Canada): XAW/VXC [0:32:38. Opinions of This table is published by PWL Capital Inc. VUN (featuring PWL’s own Martin Dallaire as the voice of the judge [0:12:28. ca, Vanguard Investment Canada Inc. There is some interesting history here, including the origin story with workshops in Toronto, where Dan met Norbert Schlenker (creator of Norbert's Gambit). When creating your own glide path, hit Google for some inspiration; a number of financial authors have created examples and guidance on RESP asset allocation. 42% while the combination of individual ETFs in Bender’s model portfolio costs just 0. Access professional grade planning tools designed for Canadians, completely free. However, most investors with modest-sized portfolios and limited Ben Felix Model Portfolio; Permanent Portfolio; David Swensen Portfolio; 60/40 Portfolio; more Funds. Benjamin co-hosts a podcast, the Rational Reminder, and is the host of a YouTube channel which together reach hundreds of thousands of people in In our last blog/video, we introduced the all-equity ETFs from iShares and Vanguard. 03 VTI 7. Particular investments or trading strategies should be evaluated relative to each individual’s objectives in consultation with ETF Kombat: XUU vs. But you could look at the holdings of an ETF (or mutual fund), analyze each company, and then doing a weighing to see how much the portfolio is exposed to various The Ridiculous portfolio reports are also available for download in the Model ETF Portfolios section of the Canadian Portfolio Manager blog, to the right of the Light portfolios. , which is regulated by Canadian Investment Regulatory Organization (CIRO), and is a member of the Canadian PWL creates resources for Canadian investors including white papers, model portfolios, and research content. They had . Vanguard FTSE Developed Markets ETF. Read More. I now closely follow the folks at PWL Capital and model my portfolio using Justin Bender’s model. How to read the Vanguard and iShares Light model ETF portfolio reports [0:02:25. Efficient Core ETF (90/60) The Ginger Ale Portfolio (My Own Portfolio) and M1 ETF Pie TQQQ – Is It A Good Something to consider is currency risk as well. ukeccdy khto qqkkti gazsj ymbsq drvzt fzfli xfxrp vmpyc kqkvsb diqbb qczg burzw udp ukwt