Understanding the Nuveen Arizona Quality Municipal Income Fund (NAZ)

What this ETF is trying to do

The Nuveen Arizona Quality Municipal Income Fund, known by its ticker symbol NAZ, is an ETF. This type of fund focuses on municipal income. This means it generally looks for investments related to local government projects or services.

What the numbers show

As of July 10, 2026, the current price of one share is $12.63. Looking at how the price has changed over time, we can see some growth. The price has gone up by about 6.28% over the last year. If you look at the "total return," which includes both price changes and the money paid out to investors, the one-year return is 13.4695%.

To see how this works with a real amount of money, let's use an example. Imagine you invested $10,000 exactly one year ago when the estimated price was about $11.88 per share. Before any extra payments were added, your $10,000 would have grown to roughly $10,628 based on the price change alone.

Income and distribution explanation

Some investors look for ETFs that pay them regular money, which is called a "distribution." This ETF has a distribution yield of 6.3064%. Over the last 12 months, it made 12 total payments. These payments usually happen once every month.

It is important to remember that a high yield alone can be misleading. A high percentage might look attractive, but you must also look at whether the share price is staying steady or falling.

NAV erosion explanation

"NAV erosion" is a term used when the value of the fund's underlying assets drops over time. Think of it like a bucket with a small hole in the bottom; even if you keep pouring water (income) in, the level of the water (the share price) keeps getting lower. If an ETF has severe erosion, the share price can fall from a high amount to a much lower amount. This can destroy your "principal," which is the original money you put in.

In the case of NAZ, there is no price erosion detected. The data shows a "good" erosion score, meaning the price has not been steadily disappearing.

Pros

• The fund has shown positive total returns over one, three, and many years.

• It provides regular monthly income.

• There is no sign of the price being destroyed by erosion.

Cons

• The share price is relatively low at $12.63.

• Investors must monitor if the yield stays consistent with the price.

Beginner takeaway

Income investors usually prefer ETFs that go sideways (stay at the same price) or move slightly up. They prefer this because they want to keep their original investment safe while collecting the monthly payments. If an ETF's price collapses, the money lost in the price drop might be more than the money gained from the distributions. For NAZ, the data shows the price has been growing alongside its payments.