I certainly can't say that I know the answer to that, but it may be due to 2 things.
1) Perhaps there may be US withholding taxes with XSP and TDB902, which would lower the yield. You personally wouldnt see it, as the funds pay it when divs come in to it.......Remember that unless you are in an RRSP or RRIF, there will be US withholding taxes on the dividends paid to you from SPY.
( you would probably be able to recover these US taxes on your tax return next year as "foreign taxes paid")
2) Remember that SPY has a much lower MER than the canadian equivalents, which again lowers your yield, as ETF's use the dividends received to pay for their costs.
3) you may be losing some yield every time the canadian ETF's convert the
US dollar divs.
Let me stress that these are just a few ideas....and certainly not a concrete
Just as an afterthought...with the Canadian dollar so high right now,,,I would personally think about SPY over the other two,,,as you would be playing a $ US recovery , if you intend to hold over the next few years.
Thats just my 2 cents worth.....do what you think is best for you.
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