PZA — Invesco National AMT-Free Municipal Bond ETF

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.

Overview

Invesco issues the Invesco National AMT-Free Municipal Bond ETF, a $4.24 billion fund ranked fifth among ten peers in the Municipal Bonds category. It holds an overall grade of C, reflecting a score of 50.8 out of 100 across all tracked ETFs. The fund charges an expense ratio of 0.28%, which exceeds the category median of 0.19%. Its dividend yield stands at 3.84%, outperforming the category median of 3.35%. The top ten holdings represent only 1.0% of assets, with the largest position being a 0.1% stake in California (State of) Health Facilities Financing Authority.

The fund’s price sits at 0.0% of its 52-week range, indicating it is trading at its recent low of $22.25. Short-term performance shows declines across the one-day, one-week, and one-month horizons, with the three-month return falling by 4.07%. In contrast, the one-year return of +1.40% slightly outpaces the category median of +1.11%, while the three-year return is +7.74%. The ETFValuer grade has remained unchanged at C for the last 35 tracked days. Price history is available for only 3.0 years, limiting the long-term historical context.

With a beta of 1.29, the fund exhibits higher sensitivity to market movements than the broader market. Annualized volatility is labeled Very Low at 4.06%, yet the Sharpe ratio is negative at -0.89, suggesting poor risk-adjusted returns. The maximum drawdown recorded is -7.74%, indicating the largest peak-to-trough decline in its history. Liquidity is characterized by an average daily volume of 1,406,519 shares but a wide bid/ask spread of 4.66%. These metrics together describe a fund that has experienced significant price declines relative to its volatility profile.

AI-generated summary based on the data on this page.

PZA Top Holdings

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).

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: 4.80% (as of 2026-09-08) — 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): 15.72 (as of 2026-09-08) — 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: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

PZA Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 4.66% and average daily volume is 1.4M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $4.24B 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

How PZA Compares to Other Municipal Bonds ETFs