Larry Berman CFA, CMT, CTA BMO Long Provincial Bond Index ETF ZPL-T DON'T BUY Jul 14, 2025

Provincial bonds will give you an incremental pickup over the federal bonds (ZFL). But you're taking on a massive amount of interest risk. Yes, it's good monthly income instead of federal government bonds. If long bond yields are going to be volatile and inflation's going to be a challenge for the next few years, then he doesn't love ZFL or ZPL or any kind of passive income, low-risk generator. The yield is safe so you don't have to worry about that, but there is a lot of price volatility in the next couple of years.

Likes it from a trading perspective. But buy-and-hold, long-term bonds are a challenge right now because of the interest rate risk embedded in them.