The author argues NZF, a leveraged Nuveen municipal bond closed-end fund, is unusually cheap after the recent bond selloff, having not been this inexpensive since the April 2025 tariff tantrum. The mechanism is a federally tax-free 8.29% annualized distribution that has grown over time, with the high headline expense ratio partly reflecting leverage interest costs already embedded. The stated catalyst is the bond selloff creating an appealing entry point, with the main risk being the fund's use of leverage.