PZA tracks investment-grade U.S. municipal bonds exempt from federal income tax and shielded from the Alternative Minimum Tax, and it has paid 217+ consecutive monthly distributions since November 2007. With a tax-free yield around 3.9%, PZA competes with taxable Treasuries that yield more on paper but less after taxes. The question is whether that monthly check is durable.
Nu's Q3 2025 results were difficult to criticize. Revenue reached $4.17 billion, exceeding consensus expectations of roughly $4.04 billion by about $134 million. Revenue grew 46% year-over-year, underscoring continued momentum across its core markets. Net income totaled $783 million, up 39% year-over-year on an FX-neutral basis.
JAAA invests exclusively in AAA-rated tranches of collateralized loan obligations. CLOs are structured securities backed by pools of leveraged loans to corporations. The AAA-rated senior tranches sit at the top of the payment waterfall, receiving interest payments first and enjoying the strongest credit protection. These loans carry floating interest rates tied to benchmark rates, meaning the fund's income rises and falls with prevailing rates. As borrowers pay interest, that income flows through to JAAA shareholders as monthly distributions.