Invesco New York AMT-Free Municipal Bond ETF
$20.82−0.23 (−1.07%)
- Expense ratio
- 0.28%
- Fund size
- $133M
- 1Y return
- −1.5%
- Yield · Last 12 months
- 3.98%
- Holdings
- 1320
- Volume · 30D
- 0M sh
- NAV per share
- $21.11
- 52W range
The ETF.net PZT Grade
Score 51 of 100 sits in the C 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.BScore 61Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 35Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 26Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 62Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 63Category rank
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
- 1,320
- 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.
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 | PZT |
|---|---|
| Year to date | −2.9% |
| 1 month | −4.0% |
| 3 months | −5.7% |
| 1 year | −1.5% |
| 3 years | +2.4% |
| 5 years | −1.2% |
| 10 years | +1.2% |
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 | −2.9% | |
| 2025 | +1.7% | |
| 2024 | +1.2% | |
| 2023 | +7.6% | |
| 2022 | −13.0% | |
| 2021 | +2.7% | |
| 2020 | +5.9% |
PZT in the news
ETF.net Research hasn’t filed on PZT yet — coverage lands here as it’s written.
PZT Dividends
- 3.98%
- $0.84
- $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 | $0.07 |
| Jul 20, 2026 | Jul 24, 2026 | $0.07 |
| 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 | $0.07 |
| Nov 24, 2025 | Nov 28, 2025 | $0.07 |
| Oct 20, 2025 | Oct 24, 2025 | $0.07 |
PZT Risk
- 8.3%
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.
- −0.15
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
- The middle half of Other Municipal Bond funds
- Median 0.30%
23 of the 62 Other Municipal Bond funds charge less.