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Global ETF Survey 2026
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PZA ETF · Invesco National AMT-Free Municipal Bond ETF
The PZA Exchange Traded Fund (ETF) is provided by Invesco. It is built to track an index: ICE BofAML National Long-Term Core Plus Municipal Securities Index. The PZA ETF provides physical exposure, so by buying it you actually own parts of all the 6,443 underlying holdings. This share class generates a stream of income by distributing dividends.
Last update Yesterday at 1:30 PM UTC
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This fund is part ofMunicipal Bonds1M perf.+0.41%
Last price
$23.37
1M perf.
+0.19%
1M flows
+€69M
AuM
€3.62B
TER
0.28%
Rating
Not rated
ESG Consensus®
PZA
$23.37
Performance & flows
Segment for quartile rank
March 9, 2026 → June 8, 2026
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PZA
$23.39
+0.24%
Municipal Bonds
+0.39%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | +0.19%  | +0.24%  | +6.63%  | +8.17% | -2.20% | +0.21% | +1.65% | +0.48% | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
Issuer
CUSIP
46138E537
ISIN
US46138E5371
AuM
€3.62B
TER
0.28%
Replication rating
Not rated
ESG Consensus®
More details
NAV
6/8/2026
$23.36
1D NAV change
-0.04%
Dividend policy
Replication method
Direct (Physical)
Replication model
Optimized sampling
No. of holdings
6443
Inception date
10/11/2007
Jurisdiction
United States
Distribution
United States
Legal structure
Open-end Fund
Base currency
USD
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Product type
Asset class
Factors
N/A
Investment strategy
The Invesco National AMT-Free Municipal Bond ETF (Fund) is based on The ICE BofAML National Long-Term Core Plus Municipal Securities Index (Index). The Fund generally will invest at least 80% of its total assets in municipal securities that comprise the Index and that also are exempt from the federal alternative minimum tax. The Index is composed of US dollar-denominated, investment grade, tax-exempt debt publicly issued by US. states and territories, or their political subdivisions, in the US domestic market with a term of at least 15 years remaining to final maturity. The Index is adjusted monthly and its constituents are capitalization-weighted based on their current amount outstanding. The Fund and the Index are rebalanced and reconstituted monthly.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +0.24% | +6.63% | +8.17% | -2.20% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
More exposure metrics are available, exclusively in Trackinsight Enterprise
Exposure
Countries
USA
100.00%
Sectors
Municipal
36.49%
Unavailable
63.52%
Diversification
Total weight of top 15 holdings out of 6443
Top 15 holdings
Data as of April 30, 2026
California Health Facilities Financing Authority, 4% 1nov2044, USD
US65000BW384
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
US88285AKD99
US913366KS81
New York Metropolitan Transportation Authority, 5.25% 15nov2055, USD (2020C)
US68450LJQ95
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
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US88283PAP27
New York Urban Development Corp., 4% 15mar2049, USD (2020A)
San Diego Unified School District, 4% 1jul2047, USD
US421111AX39
US79574CHJ53
California Health Facilities Financing Authority, 4% 15aug2048, USD (2021A)
US646140EU35
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More risk metrics are available, exclusively in Trackinsight Enterprise
Sustainability
Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of March 31, 2026
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about PZA ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
PZA’s has a Final Sustainability Grade of either A+, A, or A-.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
100.00% of holdings have positive scoring
100.00%
Consensus levels
Strong
Medium
Weak
More sustainability metrics are available, exclusively in Trackinsight Enterprise
Issuer
Invesco
Invesco ID Card
Number of funds
638
Total AuM
€992.11B
Expense ratio range
0.04% - 5.39%
Average expense ratio
0.3544%
Top 5 funds by Invesco
| AuM | ||
|---|---|---|
QQQ | Invesco QQQ ETF | €409.93B |
QQQM | Invesco NASDAQ 100 ETF | €82.84B |
RSP | Invesco S&P 500® Equal Weight ETF | €77.84B |
SPXS | Invesco S&P 500 UCITS ETF | €34.07B |
SGLD | Invesco Physical Gold USD ETC | €24.51B |
Frequently asked questions about PZA
What does Invesco National AMT-Free Municipal Bond ETF, PZA, invest in?
PZA is a Passive ETF. This ETF provides exposure to US Investment Grade Municipal Bonds.
Which benchmark or index does PZA replicate?
PZA tracks the ICE BofAML National Long-Term Core Plus Municipal Securities Index - USD, through a optimized sampling replication method.
What is the Total Expense ratio (TER) of PZA?
PZA carries a total expense ratio (TER) of 0.28%, indicating the annual cost for holding the fund.
When was PZA launched?
PZA was introduced to the market on October 11, 2007. It trades on United States
Who is the ETF issuer of PZA?
Invesco National AMT-Free Municipal Bond ETF, PZA, is provided by Invesco. Learn more about Invesco here.
What is the current assets under management (AUM) of PZA?
PZA oversees €3.62B in assets as of June 8, 2026.
How has PZA performed lately?
Based on data from June 8, 2026, PZA returned 0.19% over the past month, 0.24% over the last three months and 0.48% year-to-date.
What are the latest inflows or outflows for PZA?
As of June 8, 2026, PZA recorded net flows of +€69M over the last month and +€725M year-to-date.
Does PZA distribute dividends?
PZA follows a distributing dividend policy, meaning it pays out income to investors. As of June 8, 2026, its 12-month trailing yield was 1.82%.
What are the main country or region exposures of PZA?
As of April 30, 2026, PZA has significant geographic allocations in USA.
In which sector or theme does PZA invest in?
As of April 30, 2026, PZA focuses largely on Municipal.
How many securities does PZA hold and how diversified is it?
As of April 30, 2026, PZA holds 6443 positions in its portfolio, with 1.59% of assets concentrated in its top 15 holdings.
What are the main positions in PZA?
As of April 30, 2026, PZA top three holdings include California Health Facilities Financing Authority, 4% 1nov2044, USD, US65000BW384 and New York Dormitory Authority, 4% 15feb2047, USD (2019D).
What is the base currency of PZA?
The base currency of PZA is USD.
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