Covers Canadian banks. Pays a 5.16% dividend. It's a leveraged play, investing 12% of cash they're bringing in, which allows them a better return and more income. A consideration: ZWB uses a covered call on the Canadian banks to pay roughly the same dividend. He never does leveraged plays, but HCAL is fine.
USD equity value ETF to hold within an RRSP: Will I pay US withholding tax? Several value ETFs are around including VTV, VIG, VOOV. Look at ETF.com to compare. These three charge similar ETFs. Re: tax: The US recognizes RRSPs like their IRAs in terms of tax, but the US does not recognize TFSAs. Dividends are low, so the question is, Do you like the sector?
Never trust yield; look below the surface. As interest rates rise, long-term bonds like this be clobbered. He'd own this only in something like ZAG which also holds short- and medium-term bonds.