PZA Performance — Invesco National AMT-Free Municipal Bond ETF
Data updated: 2026-07-29
PZA returned +1.81% year to date and +7.94% over one year to May 2026. Annualised returns are +3.37% over 3 years and −0.01% over 5 years. Against its Long-Term Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $110, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 7.36% a year. In the 12 months to May 2026 the fund took in a net $1.2B, and assets reached $4.15B.
PZA Growth of $100
What $100 invested in Invesco National AMT-Free Municipal Bond ETF grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | PZA | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $110 | $112 |
| 5 years (Jun 2021 – May 2026) | $100 | $103 |
| Since data start (Sep 2019 – May 2026) | $106 | $109 |
PZA Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.81% |
| 1 year | +7.94% |
| 3 years (annualised) | +3.37% |
| 5 years (annualised) | −0.01% |
PZA Annual Returns
Calendar-year total returns of Invesco National AMT-Free Municipal Bond ETF, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.81% |
| 2025 | +1.69% |
| 2024 | +1.61% |
| 2023 | +7.78% |
| 2022 | −12.76% |
| 2021 | +2.25% |
| 2020 | +5.25% |
| 2019 (Sep–Dec) | −0.39% |
PZA Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | +1.8% | −2.4% | +1.5% | +0.5% | — | — | — | — | — | — | — |
| 2025 | −0.3% | +1.1% | −2.6% | −1.0% | −1.3% | +0.5% | −1.2% | +0.9% | +4.0% | +1.7% | +0.1% | −0.1% |
| 2024 | −0.2% | −0.1% | −0.2% | −1.2% | +0.1% | +1.9% | +0.8% | +0.5% | +1.2% | −1.6% | +2.2% | −1.8% |
| 2023 | +3.9% | −3.1% | +2.6% | 0.0% | −0.8% | +1.2% | +0.2% | −1.8% | −3.6% | −2.0% | +8.3% | +3.0% |
| 2022 | −3.0% | −0.7% | −3.9% | −4.1% | +2.0% | −3.2% | +3.5% | −3.5% | −4.6% | −1.6% | +6.8% | −0.4% |
| 2021 | +0.6% | −2.2% | +0.8% | +1.4% | +0.6% | +0.5% | +0.8% | −0.6% | −0.9% | −0.1% | +1.2% | +0.2% |
| 2020 | +2.1% | +2.0% | −4.4% | −2.3% | +3.9% | +0.9% | +1.8% | −0.7% | −0.2% | −0.4% | +2.1% | +0.8% |
| 2019 | — | — | — | — | — | — | — | — | −0.8% | 0.0% | +0.2% | +0.2% |
PZA Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 7.36%
- 3-year Sharpe ratio: -0.15 (vs 4.5% risk-free rate)
- Best month: +8.31% (Nov 2023)
- Worst month: −3.59% (Sep 2023)
PZA Fund Flows
Monthly money in and out of Invesco National AMT-Free Municipal Bond ETF, from SEC Form N-PORT.
- 12-month net flow: $1.2B
- 12-month gross sales (incl. reinvestments): $1.7B
- Sales ÷ redemptions: 3.49×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $106.6M | $3.4M | $103.2M |
| Apr 2026 | $142.0M | $7.0M | $135.0M |
| Mar 2026 | $263.8M | $101.7M | $162.2M |
| Feb 2026 | $311.7M | $0 | $311.7M |
| Jan 2026 | $196.4M | $71.9M | $124.6M |
| Dec 2025 | $33.7M | $46.5M | −$12.8M |
| Nov 2025 | $28.0M | $114.7M | −$86.6M |
| Oct 2025 | $106.6M | $18.7M | $87.9M |
| Sep 2025 | $195.6M | $31.1M | $164.5M |
| Aug 2025 | $168.8M | $15.6M | $153.2M |
| Jul 2025 | $67.4M | $34.5M | $32.8M |
| Jun 2025 | $44.7M | $32.4M | $12.4M |
PZA Assets Under Management
Net assets of Invesco National AMT-Free Municipal Bond ETF by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $4.15B |
| 2026-02-28 | $3.79B |
| 2025-11-30 | $3.33B |
| 2025-08-31 | $3.01B |
| 2025-05-31 | $2.83B |
| 2025-02-28 | $3.12B |
| 2024-11-30 | $3.17B |
| 2024-08-31 | $2.91B |
| 2024-05-31 | $2.79B |
| 2024-02-29 | $2.71B |
| 2023-11-30 | $2.49B |
| 2023-08-31 | $2.31B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.