Invesco National AMT-Free Municipal Bond ETF (PZA)
- Expense ratio0.27%
- Net assets$4.13B
- Dividend yield4.02%
- 1-year return-3.14%
- Holdings10
PZA ETF price chart
PZA quote & trading statistics
PZA performance
Annual returns & drawdowns →- YTD-2.79%
- 1 year-3.14%
- 3 years+3.58%/yr
- 5 years-0.86%/yr
- 10 years+1.40%/yr
- 1Y volatility
- 7.58%
- 3Y volatility
- 7.95%
- 3Y Sharpe ratio
- -0.27
Returns include reinvested distributions; 3-, 5- and 10-year figures are annualized.
PZA top 10 holdings
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | COLORADO HEALTH FACS AUTH REV 4% | 0.97% | |
| 2 | SAN DIEGO CALIF UNI SCH DIST 4% | 0.73% | |
| 3 | LOS ANGELES CNTY CALIF PUB WKS FING AUTH LEASE REV 5% | 0.61% | |
| 4 | MASSACHUSETTS ST 5.25% | 0.59% | |
| 5 | CHICAGO ILL TRAN AUTH SALES TAX RCPTS REV 5% | 0.58% | |
| 6 | LICKING HEIGHTS OHIO LOC SCH DIST 5.5% | 0.56% | |
| 7 | GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV 5% | 0.55% | |
| 8 | OHIO ST WTR DEV AUTH WTR POLLUTN CTL REV 5% | 0.55% | |
| 9 | COLORADO HEALTH FACS AUTH REV 3% | 0.55% | |
| 10 | TRIBOROUGH BRDG & TUNL AUTH NY REVS 5% | 0.55% |
The top 10 holdings make up 6.2% of the fund (10 holdings in total). As of October 24, 2026.
PZA bond portfolio
Rate scenarios & peers →- Yield to maturity
- 4.70%
- Effective duration
- 10.50 yrs
- Average maturity
- 20.9 yrs
- Average coupon
- 4.64%
A one-percentage-point rise in interest rates would lower the price by about 10.5%.
About Invesco National AMT-Free Municipal Bond ETF
The fund generally will invest at least 80% of its total assets in the components of the index. Strictly in accordance with its guidelines and mandated procedures, the index provider compiles, maintains and calculates the underlying index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by U.S. states and territories and their political subdivisions, in the U.S. domestic market.
PZA ETF FAQ
What is the PZA expense ratio?
Invesco National AMT-Free Municipal Bond ETF has a net expense ratio of 0.27%, or $27.00 a year for every $10,000 invested.
How much money is in PZA?
Invesco National AMT-Free Municipal Bond ETF has about $4.13B in net assets.
What are the top holdings of PZA?
The largest positions in PZA are COLORADO HEALTH FACS AUTH REV 4% (0.97%), SAN DIEGO CALIF UNI SCH DIST 4% (0.73%), LOS ANGELES CNTY CALIF PUB WKS FING AUTH LEASE REV 5% (0.61%). The fund holds 10 securities in total.
How has PZA performed?
PZA returned -3.14% over the past year and -0.86% a year over the past five years, including reinvested distributions.
Does PZA pay dividends?
PZA has a dividend yield of 4.02% and pays distributions monthly.
When was PZA launched?
Invesco National AMT-Free Municipal Bond ETF began trading on October 11, 2007.