The Best Canadian ETFs $100 Can Buy on the TSX Today

These BMO ETFs cost less than $100 per share and are great core portfolio building blocks.

Tony Dong, MSc, CETF®

Tony turned a series of 2017 marijuana stock losses into a freelance career advocating for ETF investing. He currently holds a Master’s in Risk Management from Columbia University and is a Certified ETF Advisor (CETF®). Tony is the founder of ETF Portfolio Blueprint (etfportfolioblueprint.com) and the Lead ETF Analyst for ETF Central, a partnership between Trackinsight and the NYSE. His analysis has also been featured in publications like Kiplinger, 24/7 Wall St., U.S. News & World Report, TheStreet, and Benzinga. Tony also provides independent content and marketing consulting services to various Canadian and U.S. ETF issuers. His editorial opinions for The Motley Fool remain independent and objective.

Published October 16, 2024 11:30 am EDT

There’s no one-size-fits-all answer when it comes to the “best” exchange-traded fund (ETF), but let me offer you my take.

For me, the most appealing ETFs, particularly for beginners and those looking for long-term investments, are those with low fees and broad diversification.

BMO Global Asset Management offers a couple of ETFs that check these boxes perfectly, and you can grab shares of each for less than $100 on the TSX.

If you prioritize steady growth and minimal fuss, these ETFs could be just what you’re looking for. Here’s what you need to know.

ETF chart stocks — Image source: Getty Images

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BMO S&P 500 Index ETF

My first pick is the BMO S&P 500 Index ETF (TSX:ZSP) which, as the name suggests, tracks the S&P 500 Index.

This index is a benchmark for U.S. equities, representing 500 of the largest companies selected based on criteria like market size, liquidity, and financial viability, among others.

The ETF is market-cap weighted, meaning that companies with the largest market capitalizations have a bigger impact on the index’s performance.

This typically results in sectors like technology, financials, communications, consumer discretionary, and healthcare being prominently represented in the top holdings.

What I appreciate about ZSP is its cost-effectiveness. It offers exposure to the bulk of the U.S. stock market with a management expense ratio (MER) of just 0.09%.

For someone investing $10,000, that translates to about $9 in fees annually, which is a bargain considering the diversification and potential returns it offers.

BMO S&P/TSX 60 Index ETF

The Canadian market counterpart to ZSP is the BMO S&P/TSX 60 Index ETF (TSX:ZIU), which tracks the S&P/TSX 60 Index.

This index mirrors the performance of 60 large Canadian stocks. Due to the nature of the Canadian market, there’s a pronounced concentration in financials and energy, which are dominant sectors in our economy.

I appreciate ZIU for a couple of reasons: it packages the most prominent blue-chip Canadian stocks into a single investment and also offers a solid dividend yield of 2.8%.

While ZIU is slightly pricier than ZSP with a management expense ratio (MER) of 0.15%, it’s still quite affordable – investing $10,000 in ZIU incurs just $15 in annual fees.

The Foolish takeaway

Pairing ZSP and ZIU will give you a complete North American stock portfolio focused on blue-chip stocks at a low cost. For example, a 75% ZSP and 25% ZIU allocation will have a weighted average MER of just 0.105%.

Both ETFs can be purchased for less than $100 each. As of October 9th, ZSP costs around $85 per share and ZIU costs around $55 per share.