Invesco S&P 500 Equal Weight Index ETF CAD (EQL-T)

Gives you broad diversification in the S&P and avoids depending on the Magnificent 7.

There have been studies conducted that show equal-weighted indices tend to outperform their market-weighted counterparts over the long term. Since the early 2000s, the equal-weighted S&P 500 index has outperformed the market-weighted S&P 500, and it is only over the last several years that market-weighted has demonstrated outperformance. Part of EQL's long-term outperformance can be attributed to the underlying investment actions of 'buy low, sell high', as it will continue to sell winners and add to underperformers. 

As a play on expectations for expanding breadth in the coming years (the remaining 493 companies to see outperformance), we feel this is reasonable, and we expect breadth to improve as we continue into a new bull market. 
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Good option to hedge S&P 500. Equal weighted which makes it a safe bet. Would recommend for the long term investor. Going forward should perform well.

An equal weight holding of RSP. It avoids the FX cost of moving back and forth money with USD. It has outperformed the S&P500 this year.

He's split his American allocations to half equal weight and half market weight. The top 5 stocks in the S&P500 is almost 20% of the index, which is unprecedented. If you use an equal weight, each stock is 1/500 of the index. EQL would be the one he would look at.

FANGs have been driving S&P 500. But here, every stock is 1/500th, so it has greater breadth to the US blue chips and far less single stock concentration. Defensive call. Occupies half their US equity allocation. An equal weight ETF is always rotating by selling winners and buying losers, so you want enough breadth, and 500 names is plenty.