Hey there Chaksu.
When we look to the Canadian end, I wouldn't necessarily say our markets are frothy. In fact, they're at some of the widest valuation gaps relative to US stocks since the dot com bubble.
I'm a big fan of a fund like ZLB for the Canadian markets. Its a low volatility Canadian ETF that has outperformed the index handily since its inception due to the criteria followed when it comes to picking Canadian equities for the fund. The only downfall here is the fact that it doesn't have any tech or energy exposure (these are not low volatility sectors). But, one could realistically construct a Canadian exposure portfolio of ZLB, XIT, and XEG to get exposure to all sectors.
When it comes to US ETFs, outside of a broad based S&P 500 ETF, I really do like BMO's High Quality USA ETF, trading under the ticker ZUQ. The fund is not as concentrated as the S&P 500 in the large tech names and it does provide a bit of diversification in that regard. Make no mistake, the fund is still expensive, but it holds an outstanding basket of US names.
Keep in mind as well, we have reports on both of these funds. Just head to the top menu, select ETF reports, and look for ZUQ and ZLB.