---
title: "PZA’s 217-payment streak reveals what actually keeps muni bonds safe"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/290229388.md"
description: "The Invesco National AMT-Free Municipal Bond ETF (PZA) has maintained a 217-month distribution streak since 2007, offering a 3.65% federal tax-free yield. Analysis indicates this safety stems from investment-grade credit quality and favorable reinvestment yields in a higher-rate environment. While NAV faces duration risk from rising long-term rates, the distribution itself remains secure. The article suggests Schwab Municipal Bond ETF (SCMB) as a lower-cost alternative for similar exposure."
datetime: "2026-06-18T16:53:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/290229388.md)
  - [en](https://longbridge.com/en/news/290229388.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/290229388.md)
generator: "portal-rs"
---

# PZA’s 217-payment streak reveals what actually keeps muni bonds safe

Quick ReadPZA's 217 consecutive monthly payments since 2007 draw from pure investment-grade coupon income, generating a 3.65% federal tax-free yield with no leverage or gimmicks.SCMB delivers the same AMT-aware muni exposure as PZA for just 0.03% versus PZA's 0.28%, saving 25 basis points that compound meaningfully over a decade.Are you ahead, or b...

### Related Stocks

- [SCMB.US](https://longbridge.com/en/quote/SCMB.US.md)
- [PZA.US](https://longbridge.com/en/quote/PZA.US.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**