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For decades, the playbook for high-income investors was almost reflexive: put municipal bonds in your taxable account, put Treasuries and corporates in your IRA.

A $75,000 salary sits at the top of the U.S. median household range, but for a retiree in a high federal and state bracket, replacing it with taxable income means earning much more before Uncle Sam takes his cut.

High-bracket retirees face a math problem that taxable bond funds cannot solve: every dollar of interest income gets taxed at the federal marginal rate, often layered with a state tax bite.

For investors in the top federal tax bracket, the Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA | PZA Price Prediction) offers something rare: a monthly paycheck the IRS cannot touch.

Pizza Pizza Royalty Corp. (PZA:CA) Q1 2026 Earnings Call Transcript

Concurrent Investment Advisors LLC raised its holdings in Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 44.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,793 shares of the company's stock after buying an additional 29,962 shares during the period.

For investors in higher federal tax brackets, the headline yield on a municipal bond fund understates the real value of the income.

AE Wealth Management LLC grew its stake in Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 76.3% in the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 127,728 shares of the company's stock after buying an additional 55,280 shares during

Ascent Group LLC lifted its position in shares of Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 181.2% during the undefined quarter, according to its most recent disclosure with the SEC. The firm owned 89,360 shares of the company's stock after buying an additional 57,579 shares during the period. Ascent Group LLC

Spire Wealth Management reduced its stake in Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 86.5% in the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,822 shares of the company's stock after selling 49,939 shares during the period.

Wealth Enhancement Advisory Services LLC lowered its position in Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 10.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 220,694 shares of the company's stock after selling 25,421 shares during the period. Wealth Enhancement Advisory

Pizza Pizza Royalty Corp. (PZA:CA) Q4 2025 Earnings Call Transcript

Bank of America Corp DE raised its stake in shares of Invesco National AMT-Free Municipal Bond ETF (NYSEARCA:PZA) by 13.9% in the undefined quarter, according to its most recent disclosure with the SEC. The firm owned 52,945,741 shares of the company's stock after purchasing an additional 6,454,954 shares during the period. Bank
