PZA — Invesco National AMT-Free Municipal Bond ETF
Data updated: 2026-07-29
PZA — Invesco National AMT-Free Municipal Bond ETF. Long Municipal - National Bond · $4.15B AUM. Holdings, fees, performance and SEC filings.
PZA Fund Overview
PZA — Invesco National AMT-Free Municipal Bond ETF is a US ETF managed by Invesco Exchange-Traded Fund Trust II, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Invesco Exchange-Traded Fund Trust II
- Category: Long Municipal - National Bond
- Assets under management: $4.15B
- 1-year return: 7.9%
- Ticker: PZA
- SEC CIK: 0001378872
- SEC series ID: S000019245
- Share class ID: C000053071
PZA Holdings
Top 10 holdings of Invesco National AMT-Free Municipal Bond ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| California (State of) Health Facilities Financing Authority (Kaiser Permanente) | 0.13% |
| New York (State of) Dormitory Authority | 0.12% |
| New York (State of) Dormitory Authority | 0.11% |
| Salt River Project Agricultural Improvement & Power District | 0.10% |
| Texas Water Development Board | 0.10% |
| Regents of the University of California Medical Center | 0.10% |
| Regents of the University of California Medical Center | 0.10% |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) | 0.10% |
| Texas Transportation Finance Corp. | 0.09% |
| Triborough Bridge & Tunnel Authority | 0.09% |
PZA Portfolio Allocation
Asset-class allocation of Invesco National AMT-Free Municipal Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 95.8% |
PZA Performance
Total returns for PZA (as of 2026-09-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.8% |
| 1 year | 7.9% |
| 3 years (annualised) | 3.4% |
| 5 years (annualised) | -0.0% |
PZA Risk Information
Risk metrics for PZA, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.5%
PZA Costs and Fees
PZA costs about $28 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.28%
- Gross expense ratio: 0.28%
- Portfolio turnover: 6%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PZA Cashflows
Over the 12 months to 2026-05, Invesco National AMT-Free Municipal Bond ETF had net inflows of $1.19B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $103.21M |
| 2026-04 | $135.02M |
| 2026-03 | $162.16M |
| 2026-02 | $311.66M |
| 2026-01 | $124.56M |
| 2025-12 | −$12.80M |
PZA Debt Constituents
Largest debt holdings of Invesco National AMT-Free Municipal Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| California (State of) Health Facilities Financing Authority (Kaiser Permanente) | 0.13% |
| New York (State of) Dormitory Authority | 0.12% |
| New York (State of) Dormitory Authority | 0.11% |
| Salt River Project Agricultural Improvement & Power District | 0.10% |
| Texas Water Development Board | 0.10% |
| Regents of the University of California Medical Center | 0.10% |
| Regents of the University of California Medical Center | 0.10% |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group) | 0.10% |
| Texas Transportation Finance Corp. | 0.09% |
| Triborough Bridge & Tunnel Authority | 0.09% |
PZA Prospectus and SEC Filings
Official Invesco National AMT-Free Municipal Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-12-18
- Prospectus (485BPOS) — filed 2024-12-19
- Prospectus (485BPOS) — filed 2023-12-19
- Portfolio holdings (N-PORT) — filed 2026-07-29
- Portfolio holdings (N-PORT) — filed 2026-04-28
- Portfolio holdings (N-PORT) — filed 2026-01-29
- Annual census (N-CEN) — filed 2025-11-14
- Annual census (N-CEN) — filed 2024-11-14
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.