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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 5,689 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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CLOSED
This fund is part ofMunicipal Bonds1M perf.-0.64%
Last price
$23.27
1M perf.
-0.93%
1M flows
+€119M
AuM
€3.3B
E/R
0.28%
Rating
Not rated
ESG Consensus®
PZA
$23.27
Performance & flows
Segment for quartile rank
December 15, 2025 → March 13, 2026
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PZA
$23.24
+0.15%
Municipal Bonds
+0.92%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -0.93%  | +0.15% | +2.42% | +8.38% | -0.45% | -1.67% | -0.16% | -0.16% | |
| 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
€3.3B
E/R
0.28%
Replication rating
Not rated
ESG Consensus®
More details
NAV
3/13/2026
$23.21
1D NAV change
+0.24%
Dividend policy
Replication method
Direct (Physical)
Replication model
Optimized sampling
No. of holdings
5689
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
Benchmark
ICE BofAML National Long-Term Core Plus Municipal Securities Index
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 | +0.15% | +2.42% | +8.38% | -0.45% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
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Enterprise
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Learn more about Trackinsight EnterpriseExposure
Countries
USA
100.00%
Sectors
Municipal
41.54%
Unavailable
58.46%
Diversification
Total weight of top 15 holdings out of 5689
Top 15 holdings
Data as of January 31, 2026
California, 4% 1sep2043, USD
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
New York Metropolitan Transportation Authority, 5.25% 15nov2055, USD (2020C)
US235308M345
US913366KS81
US64972GZH00
US65000BW384
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
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San Diego Unified School District, 4% 1jul2050, USD
Triborough Bridge and Tunnel Authority, 4% 15may2057, USD (2022A)
Massachusetts, 4% 1sep2042, USD (2016)
New Jersey Turnpike Authority, 4% 1jan2042, USD
San Diego Unified School District, 4% 1jul2047, USD
US64972JGW27
New York Municipal Water Finance Authority, 5% 15jun2044, USD
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Built for professionals: access exclusive exposure metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseSustainability
Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of December 31, 2025
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
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Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
Invesco
Invesco ID Card
Number of funds
631
Total AuM
€846.61B
Expense ratio range
0.04% - 5.39%
Average expense ratio
0.3562%
Top 5 funds by Invesco
| AuM | ||
|---|---|---|
QQQ | Invesco QQQ ETF | €334.28B |
RSP | Invesco S&P 500® Equal Weight ETF | €73.51B |
QQQM | Invesco NASDAQ 100 ETF | €60.56B |
SPXS | Invesco S&P 500 UCITS ETF | €30.51B |
SGLD | Invesco Physical Gold USD ETC | €28.5B |
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 €3.3B in assets as of March 13, 2026.
How has PZA performed lately?
Based on data from March 13, 2026, PZA returned -0.93% over the past month, 0.15% over the last three months and -0.16% year-to-date.
What are the latest inflows or outflows for PZA?
As of March 13, 2026, PZA recorded net flows of +€119M over the last month and +€425M year-to-date.
Does PZA distribute dividends?
PZA follows a distributing dividend policy, meaning it pays out income to investors. As of March 13, 2026, its 12-month trailing yield was 2.70%.
What are the main country or region exposures of PZA?
As of January 31, 2026, PZA has significant geographic allocations in USA.
In which sector or theme does PZA invest in?
As of January 31, 2026, PZA focuses largely on Municipal.
How many securities does PZA hold and how diversified is it?
As of January 31, 2026, PZA holds 5689 positions in its portfolio, with 1.85% of assets concentrated in its top 15 holdings.
What are the main positions in PZA?
As of January 31, 2026, PZA top three holdings include California, 4% 1sep2043, USD, New York Dormitory Authority, 4% 15feb2047, USD (2019D) and New York Metropolitan Transportation Authority, 5.25% 15nov2055, USD (2020C).
What is the base currency of PZA?
The base currency of PZA is USD.
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