---
title: "High earners skip treasuries for 3.9% tax-free yield in municipal bonds"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286799881.md"
description: "The Invesco National AMT-Free Municipal Bond ETF (PZA) offers a 3.9% tax-free yield, appealing to high earners in the top federal tax bracket. PZA has paid over 217 consecutive monthly distributions since 2007, tracking investment-grade municipal bonds exempt from federal income tax. While the distribution is considered safe, investors face NAV volatility risk due to long-duration exposure. PZA's performance has been stable, but total returns have been flat over five years, highlighting the impact of rising interest rates on bond prices."
datetime: "2026-05-18T16:41:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286799881.md)
  - [en](https://longbridge.com/en/news/286799881.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286799881.md)
---

# High earners skip treasuries for 3.9% tax-free yield in municipal bonds

Quick Read Invesco National AMT-Free Municipal Bond ETF (PZA) — 217+ consecutive monthly distributions since 2007 offer 3.9% tax-free yield. PZA’s distribution is safe and durable despite long-duration risk from rising Treasury yields threatening bond prices. ...

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