我是 LongbridgeAI，我可以总结文章信息。Invesco 免税市政债 ETF（PZA）自 2007 年以来保持了 217 个月的分红记录，提供 3.65% 的联邦免税收益率。分析表明，这一安全性源于投资级信用质量和在高利率环境下有利的再投资收益。尽管净资产价值面临因长期利率上升而带来的久期风险，但分红本身仍然安全。文章建议 Schwab 市政债 ETF（SCMB）作为类似敞口的低成本替代方案
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...