10 Best Canadian ETFs to Buy

8. iShares Jantzi Social Index ETF (TSX:XEN)

5-year Share Price Performance as of December 9, 2024: 47.29%

The iShares Jantzi Social Index ETF (TSX:XEN), managed by BlackRock Asset Management Canada Limited, is an exchange-traded fund that tracks the performance of the Jantzi Social Index. The fund focuses on stocks of companies recognized for socially responsible business practices. Over the past year, XEN delivered a total return of 24.93%, with an average annual return of 6.11% since inception, including dividends.

Agnico Eagle Mines Limited (NYSE:AEM) is one of the ETF’s largest holdings. In the third quarter of 2024, the company achieved record-breaking results, producing 863,000 ounces of gold at cash costs of $921 per ounce, meeting its annual projections. The strong performance was driven by operational efficiency and cost control, enabling the company to return approximately $700 million to shareholders and reduce net debt by $1 billion, lowering it to $490 million. Revenue grew by 31% to $2.2 billion, while adjusted EBITDA increased by 64% to $1.26 billion.

On November 21, Jefferies initiated coverage of Agnico Eagle Mines Limited (NYSE:AEM), assigning a Hold rating and an $85 price target. The firm praised the company’s robust operational performance, cost management, and high-quality asset portfolio. Additionally, margin expansion is expected as Agnico Eagle develops underground ore sources at its Canadian Malartic and Detour Lake mines, which will provide access to higher-grade materials.