PZA — Invesco National AMT-Free Municipal Bond ETF
Municipal Bonds Ranked #380 of 458 tracked ETFs · Issued by Invesco
PZA Price Performance — Growth of $10,000
Value of a $10,000 investment in PZA over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
PZA Drawdown
The "underwater" chart: PZA's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in PZA?
See what a lump sum in PZA would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The Invesco National AMT-Free Municipal Bond ETF (PZA) is an Invesco-managed fund within the Municipal Bonds category, holding $4.02 billion in assets. It carries a D grade with a score of 48.2 out of 100, ranking 10th out of 10 peers and 380th out of 458 tracked ETFs overall. The fund’s 0.28% expense ratio exceeds the category median of 0.19%, while its 4.06% dividend yield sits above the median of 3.40%. Top holdings represent only 1.0% of assets, with the largest position being the California State of Health Facilities Financing Authority at 0.1%.
Price history is available for 3.0 years, and the fund was upgraded from a C to a D grade on 2026-09-28. The 1-year return of -3.09% trails the category median of -0.34%, contrasting with a 3-year return of +11.37%. Short-term performance shows a 1-month gain of +1.57% against a 3-month decline of -3.85%. The current price of $21.80 sits at 28.5% of its 52-week range between $21.07 and $23.63.
With a beta of 1.28, the fund moves 28% more than the market, accompanied by a Very Low annualized volatility of 4.96%. A Sharpe ratio of -1.63 indicates poor risk-adjusted returns relative to the risk-free rate, while the maximum drawdown reached -9.37%. Liquidity is supported by an average daily volume of 3,090,887 shares. These metrics collectively describe a fund that has experienced significant downside pressure despite low volatility.
AI-generated summary based on the data on this page.
PZA Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | California (State of) Health Facilities Financing Authority (Kaiser Permanente) | 0.13% | $6M |
| 2 | New York (State of) Dormitory Authority | 0.12% | $5M |
| 3 | New York (State of) Dormitory Authority | 0.11% | $5M |
| 4 | Salt River Project Agricultural Improvement & Power District | 0.10% | $4M |
| 5 | Texas Water Development Board | 0.10% | $4M |
| 6 | Regents of the University of California Medical Center | 0.10% | $4M |
| 7 | Regents of the University of California Medical Center | 0.10% | $4M |
| 8 | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) | 0.10% | $4M |
| 9 | Texas Transportation Finance Corp. | 0.09% | $4M |
| 10 | Triborough Bridge & Tunnel Authority | 0.09% | $4M |
Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 1.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PZA's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With PZA
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PZA's top 10 — VTEB overlaps most, holding 1 of the same companies as PZA's top 10 (0.1% of PZA's assets).
| ETF | Name | Shared Companies | PZA Weight | Examples |
|---|---|---|---|---|
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 1 | 0.1% | Triborough Bridge & Tunnel Authority |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 1 | 0.1% | Triborough Bridge & Tunnel Authority |
| SUB | iShares Short-Term National Muni Bond ETF | 1 | 0.1% | Triborough Bridge & Tunnel Authority |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 1 | 0.1% | Triborough Bridge & Tunnel Authority |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What PZA's Fees Cost You
PZA charges an expense ratio of 0.28% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
PZA Dividend Income Estimator
PZA currently yields 4.06%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
PZA Liquidity, Domicile & Tax Treatment
Liquidity: Average daily volume is 3.1M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $4.02B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: PZA is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
PZA Performance History
| Period | Return |
|---|---|
| 1-Day | +0.18% |
| 1-Week | +1.10% |
| 1-Month | +1.57% |
| 3-Month | -3.85% |
| 6-Month | -4.76% |
| YTD | -3.18% |
| 1-Year | -3.09% |
| 3-Year | +11.37% |
How PZA Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #270 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | -0.79% | 0.03% | $51.7B |
| #274 | C |
MUB | iShares National Muni Bond ETF | -0.74% | 0.05% | $46.6B |
| #302 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.93% | 0.07% | $11.9B |
| #334 | C |
HYD | VanEck High Yield Muni ETF | +0.46% | 0.32% | $3.89B |
| #354 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +1.18% | 0.2% | $3.46B |
| #356 | C |
SMB | VanEck Short Muni ETF | +1.85% | 0.07% | $318M |
| #363 | D |
ITM | VanEck Intermediate Muni ETF | -0.69% | 0.18% | $2.06B |
| #372 | D |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | -1.16% | 0.23% | $2.82B |
| #375 | D |
MMIT | NYLI MacKay Muni Intermediate ETF | +0.01% | 0.3% | $1.44B |
| #380 | D |
PZA | Invesco National AMT-Free Municipal Bond ETF | -3.09% | 0.28% | $4.02B |