BMO Long-Term US Treasury Bond Index ETF (ZTL.TO)

TLT will have withholding tax, so that will affect the yield.

In the hedged version of ZTL (ZTL.F), the cost of hedging is embedded in it and typically comes out of the yield. Today, he'd own the one with the .F extension and be fully hedged on his currency exposure in the US market.

The underlying assets are yielding the same thing, but the difference comes from the items noted above.

See today's Educational Segment.

American. Everybody is worried about funding the US debt and deficit. Caveat: timing. Could yields still rise in the long end to 6% (from 5.3% now)? Yes, so be ready for that. Own it through ZTL. Note: the F class of this gives you a currency hedge.

Will protect you when there is a growth scare or shock. This will let you rebalance when stocks are on sale, being a source of funds.. There will be more volatility in 2026. 

US bonds. Buy this one and wait for a harder economic landing in the US, when we'll see long bonds rally.

If you want growth from your bond portfolio. But these don't have great tax treatment. Depends on what kind of investor you are.

Lets you buy the same bonds that are in TLT but in a Canadian wrapper. Helps avoid the USD threshold amounts for Canadian investors. Longer duration, and more volatility. He'd probably hedge half the position. 

Must look at total return. Those that focus on the yield and don't understand the return are doomed to risk. Just hold TLT or ZTL -- US bonds at the long end of the treasury curve -- and don't go chasing yield.