State Street's SPLB or iShares' TLT: Which Long-Term Bond ETF Should Investors Choose?

State Street's SPLB (long-term corporate bond ETF) and iShares' TLT (20+ year Treasury bond ETF) are compared for long-duration bond exposure. SPLB offers lower fees (0.04% vs 0.15%), higher yield (5.40% vs 4.60%), and better 5-year performance ($884 vs $696 on $1,000 invested) with less volatility. TLT provides pure government debt exposure with zero credit risk and superior liquidity. For buy-and-hold income investors, SPLB is recommended; for active traders and institutions, TLT is preferred.