ATLASInvesco National AMT-Free Municipal Bond ETF (PZA): outlook, holdings and fees
Invesco National AMT-Free Municipal Bond ETF (PZA) is an exchange-traded fund and is managed by Invesco. The expense ratio is 0.27% and the yield is 4.02%. The ten largest holdings are 6% of the fund.
Fund data as of Oct 14, 2026 · Price Nov 2, 2026
ATLAS view on PZA
| Last price | $22.12 (+0.5%) |
|---|---|
| ATLAS chance of a higher price in 1 month | 62% |
| Likely 1-month range (50%) | $21.95 – $22.54 |
| Normal 1-day range (±1σ) | ±0.4% |
| Distribution yield | 4.02% |
ATLAS probabilities use the same calibrated model as every stock page. A fair value is shown for companies, not funds; the holdings below link to the fair value of each company.
PZA fund facts
| Issuer | Invesco |
|---|---|
| Theme | Municipal bonds |
| Assets under management | $4.0B |
| Expense ratio | 0.27% |
| Number of holdings | 10 |
| Portfolio turnover | 0% |
| Inception | Oct 11, 2007 |
| Exchange | NYSE |
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 top holdings
| Holding | Sector | Weight |
|---|---|---|
| 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% |
| MASSACHUSETTS ST 5.25% | – | 0.59% |
| LICKING HEIGHTS OHIO LOC SCH DIST 5.5% | – | 0.56% |
| GRAND PARKWAY TRANSN CORP TEX SYS TOLL REV 5% | – | 0.55% |
| OHIO ST WTR DEV AUTH WTR POLLUTN CTL REV 5% | – | 0.55% |
| CHICAGO ILL TRAN AUTH SALES TAX RCPTS REV 5% | – | 0.58% |
| COLORADO HEALTH FACS AUTH REV 3% | – | 0.55% |
| TRIBOROUGH BRDG & TUNL AUTH NY REVS 5% | – | 0.55% |
Holdings with an ATLAS page link to their probability range, fair value and earnings calendar.
PZA returns and risk
| Year to date | -5.3% |
|---|---|
| 1 year | -4.4% |
| 3 years (annualised) | +2.2% |
| 5 years (annualised) | -1.5% |
| 10 years (annualised) | +1.1% |
| Volatility (3 years) | 7.9% |
| Sharpe ratio (3 years) | -0.27 |
Past returns do not guarantee future results.
PZA: frequently asked questions
What does PZA invest in?
Invesco National AMT-Free Municipal Bond ETF invests in a portfolio of securities. Its largest holdings are COLORADO HEALTH FACS AUTH REV 4% (1.0%), SAN DIEGO CALIF UNI SCH DIST 4% (0.7%), LOS ANGELES CNTY CALIF PUB WKS FING AUTH LEASE REV 5% (0.6%), MASSACHUSETTS ST 5.25% (0.6%), LICKING HEIGHTS OHIO LOC SCH DIST 5.5% (0.6%).
What is the PZA expense ratio?
0.27% a year: about $27.00 for every $10,000 invested.
What is the PZA dividend yield?
4.02%. ATLAS does not hold the exact distribution dates for ETFs.
Will PZA go up?
Nobody can know. The ATLAS model puts the chance of a higher price in one month at 62%, with a likely range (50%) of $21.95 to $22.54 from $22.12 today. It is a probability, not a prediction.
How has PZA performed?
Year to date -5.3%, one year -4.4%, three years +2.2% a year, five years -1.5% a year. Past returns do not guarantee future results.
Similar ETFs: Municipal bonds
- State Street Communication Services Select Sector SPDR ETF (XLC)
- VanEck High Yield Muni ETF (HYD)
- State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB)
- State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM)
- PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund (MUNI)
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- Franklin Dynamic Municipal Bond ETF (FLMI)
- VanEck Intermediate Muni ETF (ITM)
Educational information, not investment advice. Disclaimer