So make him explain what rate he would be willing to pay if he actually had to execute a total return swap with you. (jasonzweig.com)
Total return swaps allow the party receiving the total return to gain exposure and benefit from a reference asset without actually owning it. (investopedia.com)
For Horizons, it is about focusing on «Tracking; costs; and tax efficiency — through Total Returns Swap contracts. (business.financialpost.com)