PZA — Invesco National AMT-Free Municipal Bond ETF

PZA Price Performance — Growth of $10,000

Value of a $10,000 investment in PZA over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

PZA Drawdown

The "underwater" chart: PZA's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The Invesco National AMT-Free Municipal Bond ETF (PZA) operates within the Municipal Bonds category, which ETFValuer currently tracks with 10 distinct funds. Issued by Invesco, this fund manages $4.29 billion in assets and trades at a price of $22.95 per share. It holds an overall rank of #238 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 60.5 out of 100. The fund charges an expense ratio of 0.28% while offering a dividend yield of 3.64%. The substantial asset base relative to the small category size suggests significant investor adoption compared to other funds in the sector. This combination of a mid-tier grade and a large asset base positions the fund as a widely held option despite its average overall ranking.

Over the last day, the fund posted a gain of +0.17% before declining -0.69% over the subsequent week. Monthly performance showed a decline of -2.03% over one month, followed by a slight recovery to -0.73% over three months. The six-month return turned positive at +0.73%, and year-to-date gains reached +0.88%. One-year returns accelerated significantly to +8.53%, while the three-year annualized return stood at +8.72%. This pattern indicates a divergence where short-term fluctuations were negative, but longer-term horizons demonstrated positive momentum. The fund's closest category peers, VTEB and MUB, recorded one-year returns of +6.02% and +5.61% respectively.

The fund carries a volatility label of Very Low despite exhibiting a beta of 1.29 relative to its benchmark. A Sharpe ratio of 0.83 suggests the fund has generated a moderate amount of excess return per unit of risk taken. The maximum drawdown recorded was -7.74%, indicating the largest peak-to-trough decline experienced by the fund. This combination of a low volatility label with a beta greater than 1 implies the fund may move more than the market on a percentage basis while maintaining a stable price trajectory. The moderate Sharpe ratio and limited drawdown suggest the fund has managed downside risk effectively during the measured periods. These metrics collectively describe a fund that has delivered positive returns with controlled downside exposure relative to its category peers.

AI-generated summary based on the data on this page.

PZA Top Holdings

Holdings as of 2026-02-28 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 1.2% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PZA's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With PZA

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PZA's top 10 — VTEB overlaps most, holding 1 of the same companies as PZA's top 10 (0.1% of PZA's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.65% (as of 2026-07-27) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.67 (as of 2026-07-27) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

PZA Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is — and average daily volume is 1.2M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $4.29B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: PZA is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

PZA Performance History

How PZA Compares to Other Municipal Bonds ETFs