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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 6,664 underlying holdings. This share class generates a stream of income by distributing dividends.
Last update Today at 5:33 PM UTC
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This fund is part ofMunicipal Bonds1M perf.+0.72%
Last price
$23.49
-0.15%
1M perf.
+0.81%
1M flows
+€97M
AuM
€3.76B
TER
0.28%
Rating
Not rated
PZA
$23.49
-0.15%
Performance & flows
Segment for quartile rank
March 30, 2026 → June 30, 2026
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PZA
$23.54
+2.65%
Municipal Bonds
+2.29%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | +0.81%  | +2.65% | +6.36% | +8.06%  | -1.49% | +0.84% | +2.29% | +1.11% | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
More details
NAV
6/30/2026
$23.51
1D NAV change
+0.06%
Dividend policy
Replication method
Direct (Physical)
Replication model
Optimized sampling
No. of holdings
6664
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 | +2.65% | +6.36% | +8.06% | -1.49% |
| 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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Exposure
Countries
USA
35.19%
Unavailable
64.81%
Sectors
Municipal
35.19%
Unavailable
64.81%
Diversification
Total weight of top 15 holdings out of 6664
Top 15 holdings
Data as of May 31, 2026
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Sustainability
Integrates ESG criteria
No
SDG
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Issuer
Invesco
Invesco ID Card
Number of funds
650
Total AuM
€1.05T
Expense ratio range
0.04% - 5.39%
Average expense ratio
0.3497%
Top 5 funds by Invesco
| AuM | ||
|---|---|---|
QQQ | Invesco QQQ ETF | €425.28B |
QQQM | Invesco NASDAQ 100 ETF | €88.61B |
RSP | Invesco S&P 500® Equal Weight ETF | €82.48B |
SPXS | Invesco S&P 500 UCITS ETF | €35.6B |
SGLD | Invesco Physical Gold ETC | €22.52B |
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 €3.76B in assets as of June 30, 2026.
How has PZA performed lately?
Based on data from June 30, 2026, PZA returned 0.81% over the past month, 2.65% over the last three months and 1.11% year-to-date.
What are the latest inflows or outflows for PZA?
As of June 30, 2026, PZA recorded net flows of +€98M over the last month and +€809M year-to-date.
Does PZA distribute dividends?
PZA follows a distributing dividend policy, meaning it pays out income to investors. As of June 30, 2026, its 12-month trailing yield was 1.52%.
What are the main country or region exposures of PZA?
As of May 31, 2026, PZA has significant geographic allocations in USA.
In which sector or theme does PZA invest in?
As of May 31, 2026, PZA focuses largely on Municipal.
How many securities does PZA hold and how diversified is it?
As of May 31, 2026, PZA holds 6664 positions in its portfolio, with 1.57% of assets concentrated in its top 15 holdings.
What are the main positions in PZA?
As of May 31, 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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