10 Best Canadian ETFs to Buy

2. Global X S&P/TSX 60 Index ETF(TSX:HXT)

5-year Share Price Performance as of December 9, 2024: 77.76%

The Global X S&P/TSX 60 Index ETF (TSX:HXT) aims to replicate the performance of the S&P/TSX 60 Index, which comprises 60 of the largest companies listed on the Toronto Stock Exchange. Launched in September 2010 and managed by Global X ETFs Canada, the ETF has significant exposure to the financial sector, which accounts for 36.30% of its assets.

Among its largest holdings is Canadian Natural Resources Ltd (NYSE:CNQ), one of Canada’s leading independent crude oil and natural gas producers. In the third quarter of 2024, the company reported a profit of $2.27 billion, slightly down from $2.34 billion in the same period last year due to lower commodity prices. Earnings remained steady at $1.06 per diluted share, while adjusted earnings declined to $0.97 per share compared to $1.30 per share in Q3 2023.

In October, BMO Capital Markets raised its price target for Canadian Natural Resources Ltd (NYSE:CNQ) to C$60 from C$57.50 while maintaining its Outperform rating. The revision came after the company announced the acquisition of Chevron’s remaining interests in the Western Canadian Sedimentary Basin, including its stake in the Athabasca Oil Sands Project. BMO Capital commended the deal, citing an attractive purchase price and the inclusion of the Duvernay asset, which is strategically located near Canadian Natural’s Montney operations and has shown improved productivity.