Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Invesco New York AMT-Free Municipal Bond ETF
$20.69+0.30 (+1.47%)
- 0.28%
- $128M
- −5.1%
- 4.11%
- 0M sh
- $20.54
- low $20.21high $22.75
The ETF.net PZT Grade
C
Score 54 out of 100
- 39 of 63
Score 54 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B61 out of 100Rank 22 of 63Mission
Whether the fund did what it promised, tested against its stated mandate.A74 out of 100Rank 49 of 59Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D29 out of 100Rank 62 of 63Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D25 out of 100Rank 54 of 63Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B62 out of 100Rank 27 of 63Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B62 out of 100Rank 27 of 63
Our read on PZT
COne of the few ETFs built only for New York municipal bonds, and it fishes at the long end of the curve. Tracks a long-term New York muni index, aims for income exempt from federal tax and free of the AMT, and has been running since 2007.
The Fund seeks current income exempt from federal income tax through a portfolio of New York municipal securities. It generally invests at least 80% of assets in municipal securities comprising its declared index.
Why people hold it
- A single-state mandate with a clear job: New York municipal securities chosen to pay income exempt from federal tax, with the alternative minimum tax screened out.invesco.com
- The benchmark is a long-term New York muni index, so this is a deliberate long-maturity stance rather than a blended one.invesco.com
- Roughly 1,200 bonds, so no single New York issuer carries the portfolio. Income is paid monthly.
- At 0.28%, the fee sits a shade below the median for muni bond ETFs.
Worth knowing
- That 0.28% is still well above the cheapest New York option, iShares' NYF at 0.09%, and far above broad national muni funds priced near 0.03%.
- Trading is thin next to national muni ETFs, which tends to mean wider spreads on the way in and out.
- Two concentrations stack here: one state's credit and the long end of the maturity curve, where prices move more when rates do.
PZT Holdings
- Bonds
- 1,319
- 9%
- New York State Dormitory Authority 5.50% 07/01/2054
PZT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PZT$9,486
Returns run to the Oct 12, 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 | PZT |
|---|---|
| Year to date | −6.0% |
| 1 month | −3.1% |
| 3 months | −8.6% |
| 1 year | −5.1% |
| 3 years | +1.9% |
| 5 years | −1.6% |
| 10 years | +1.0% |
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 | PZT |
|---|---|---|
| 2026 YTD | −6.0% | |
| 2025 | +1.7% | |
| 2024 | +1.2% | |
| 2023 | +7.6% | |
| 2022 | −13.0% | |
| 2021 | +2.7% | |
| 2020 | +5.9% |
PZT in the news
PZT Dividends
- 4.11%
- $0.84
- $0.07 per share
- Monthly
Distribution history
PZT Risk
- 8.7%
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.
- −0.21
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.
- −18.7%
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.
- 1.38
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PZT Cost
0.28%
PZT0.28%
- The middle half of Other Municipal Bond funds
- Median 0.30%
22 of the 63 Other Municipal Bond funds charge less.
Other funds in Other Municipal Bond
- CJMSIJPMorgan Sustainable Municipal Income ETFExpense ratio 0.46%1 year return −2.3%
- CMUNXAMG GW&K Muni Income ETFExpense ratio 0.29%1 year return —
- CFTCAFranklin California Municipal Income ETFExpense ratio 0.35%1 year return —
- CFTNYFranklin New York Municipal Income ETFExpense ratio 0.37%1 year return —
- CTAXMBondBloxx IR+M Tax-Aware ETF for Massachusetts ResidentsExpense ratio 0.35%1 year return −2.7%