BMO S&P 500 Index ETF (ZSP.TO)

Solid choice. MER is 9bps. We're so privileged to be able to access 500 companies that are leading the world for only 9 bps. Valuations in the US are higher, not bubbly yet, but higher. And for a reason -- massive growth in earnings.

Japan, Europe, and EMs all have much cheaper PE multiples, which are expanding. As well, small caps in the US haven't performed well so they trade at a much more reasonable multiple. The AI wave will enhance profits over time.

Though you want some US innovation, go global instead.

He thinks there is a possibly pullback in the S&P to 6,200, give or take 100. ZSP protects a lot of downside risk in a correction, yet still gives some upside.

ZST is a short term bond ETF, with a current indicated yield of 2.74% and one year return of 3.98%. We would consider it quite safe, at least as far as bond funds go, due to its short term nature. It is not perfect, and five year annualized is 2.82%. Still, it is likely better than a bank account, and can offer better returns if interest rates move the right way. We would be comfortable owning this for a place for cash.
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The CAD has weakened, and ZSP has the USD in it. So, he much prefers ZUE. Because interest rates are much lower than the U.S., it will cost you 1.25% in hedging. Weigh that 1.25% over, say 5 years, to where the CAD-USD exchange will go. If you expect the CAD to strengthen, then ZUE will give you a better payout than ZSP. Be hedged over not.

Low MER at 8 bps. A good choice for S&P exposure, with many of those companies being global players as well. Good choice for a university-aged person in their TFSA; buy it, hold, don't sell.

Great that the viewer is starting her son out early. Years of compounding growth is the best thing that any investor can do.

For anything that's related to just the S&P 500, you really need to know what you're buying. Here, you're buying about 37% in 10 companies. In other words, the top 10 companies represent about 37% of the S&P 500. So the ZSP and VOO are a bit top heavy. There's some risk if mega-cap tech names start to sell off, which they will at some point.
 
So take a look at diversifying. Perhaps VGG, where you still get exposure to tech but more dividend appreciation. Another approach is to look at ETFS that focus on quality, such as QUAL or ZUQ among other names. These two screen for strong ROEs and low leverage.

With the CAD declining vs. USD, it's time to think about locking in gains. Consider ZSP (S&P) vs. ZUE (S&P currency-hedged) where the difference lies in the exchange rate. Also consider if you're trading in a taxable account or not. As CAD weakens, ZSP (having more US exposure) will outperform. Therefore, ZUE (hedged) will outperform once the CAD gets stronger. In a registered account, sell ZSP and buy ZUE. If in a tax account, this is an individual financial planning decision. 

Is very liquid. Only a 0.09% MER. Great to own for S&P exposure. 

He and his team are not tax experts, and the answer is very individual-specific. Consult your tax advisor.

XSP or ZSP are good starting points. One is hedged, one is not. HXS is another option, though it doesn't pay distributions, just accumulates as capital.

Way for Canadians to get exposure to US markets.
Does not like valuation of US equity markets right now.
Would advise to wait for weakness before buying. 
Better investments that are undervalued. 

He likes the S&P500. He hasn’t sold anything.

VSP-T vs XSP-T vs ZSP-T. These all have exposure to the US Large Cap market, yet have different returns thus far this year. You have to be careful on these – some are currency hedged and others are not.