我是 LongbridgeAI，我可以總結文章信息。Invesco 免税市政債 ETF（PZA）自 2007 年以來保持了 217 個月的分紅記錄，提供 3.65% 的聯邦免税收益率。分析表明，這一安全性源於投資級信用質量和在高利率環境下有利的再投資收益。儘管淨資產價值面臨因長期利率上升而帶來的久期風險，但分紅本身仍然安全。文章建議 Schwab 市政債 ETF（SCMB）作為類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...