Invesco National AMT-Free Municipal Bond ETF
$21.57−0.34 (−1.53%)
- Expense ratio
- 0.28%
- Fund size
- $4.2B
- 1Y return
- −1.4%
- Yield · Last 12 months
- 4.00%
- Holdings
- 7188
- Volume · 30D
- 1.6M sh
- NAV per share
- $21.98
- 52W range
The ETF.net PZA Grade
Score 70 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 60Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 89Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 33Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 86Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 86Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 88Category rank
Our read on PZA
AMost muni ETFs hand you the whole yield curve. PZA goes long on purpose: its index only takes bonds with at least 15 years left to maturity, all screened to stay out of the alternative minimum tax. Income lands monthly.
The fund seeks to track an index of tax-exempt municipal debt that is not subject to the alternative minimum tax.
Why people hold it
- The long-end specialist. The index takes only investment-grade munis with at least 15 years to final maturity, so duration is the design choice, not a leftover.invesco.com
- Holdings are screened to be AMT-free, aimed at filers who need tax-exempt interest that does not get pulled back in by the alternative minimum tax.invesco.com
- Trading since 2007, now a multi-billion-dollar fund that changes hands actively, with tracking that has stayed tight to its benchmark.
- Pays monthly, spreads across thousands of individual bonds, and the index is rebalanced and reconstituted every month.invesco.com
Worth knowing
- At 0.28% it sits just under the typical muni ETF, but broad-market rivals VTEB and SCMB charge 0.03%. The long-maturity focus is what carries the premium.
- Long bonds swing harder when rates move, in both directions. This is the most rate-sensitive stretch of the muni market, by construction.invesco.com
- The fund samples its index instead of buying every bond in it, so the portfolio can differ modestly from the benchmark it follows.invesco.com
PZA Holdings
- Bonds
- 7,188
- 2%
- USD Pending Dividends
PZA Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PZA |
|---|---|
| Year to date | −2.8% |
| 1 month | −3.3% |
| 3 months | −5.5% |
| 1 year | −1.4% |
| 3 years | +2.6% |
| 5 years | −1.1% |
| 10 years | +1.3% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PZA |
|---|---|---|
| 2026 YTD | −2.8% | |
| 2025 | +1.8% | |
| 2024 | +0.8% | |
| 2023 | +8.6% | |
| 2022 | −13.2% | |
| 2021 | +2.4% | |
| 2020 | +5.1% |
PZA in the news
ETF.net Research hasn’t filed on PZA yet — coverage lands here as it’s written.
PZA Dividends
- 4.00%
- $0.88
- $0.07 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.07 |
| Aug 24, 2026 | Aug 28, 2026 | $0.08 |
| Jul 20, 2026 | Jul 24, 2026 | $0.08 |
| Jun 22, 2026 | Jun 26, 2026 | $0.07 |
| May 18, 2026 | May 22, 2026 | $0.07 |
| Apr 20, 2026 | Apr 24, 2026 | $0.07 |
| Mar 23, 2026 | Mar 27, 2026 | $0.07 |
| Feb 23, 2026 | Feb 27, 2026 | $0.07 |
| Jan 20, 2026 | Jan 23, 2026 | $0.07 |
| Dec 22, 2025 | Dec 26, 2025 | $0.08 |
| Nov 24, 2025 | Nov 28, 2025 | $0.07 |
| Oct 20, 2025 | Oct 24, 2025 | $0.07 |
PZA Risk
- 7.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.20
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.29
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PZA Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
23 of the 62 Other Municipal Bond funds charge less.