Invesco National AMT-Free Municipal Bond ETF
Invesco Exchange-Traded Fund Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Invesco National AMT-Free Municipal Bond ETF is a U.S. bond index ETF that tracks the ICE BofA National Long-Term Core Plus Municipal Securities Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- Investment grade
- Rate sensitivity
- Long duration
Fund profile
As filed in the prospectus · 2025 Q4
The Invesco National AMT-Free Municipal Bond ETF (the Fund) seeks to track the investment results (before fees and expenses) of the ICE BofA National Long-Term Core Plus Municipal Securities Index (the Underlying Index).
The fund tracks the ICE BofA National Long-Term Core Plus Municipal Securities Index, which comprises U.S. municipal bonds exempt from federal alternative minimum tax, rated investment grade, with at least 15 years to maturity and minimum $25 million outstanding per maturity. The fund uses sampling methodology rather than holding all index constituents, which may cause its returns to diverge from the index. The fund will concentrate its holdings in any industry only to the extent the index itself does.
| Share class | Expense ratio |
|---|---|
| PZA | 0.28% |
Portfolio turnover 6.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.79% |
Latest quarter
What changed since the fund's previous filing
Largest new: San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), State of California ×2, City of Houston TX Hotel Occupancy Tax & Special Revenue ×2, New York State Dormitory Authority, New Hope Cultural Education Facilities Finance Corp., New York City Municipal Water Finance Authority
Largest exited: California (State of), San Diego (County of), CA Regional Transportation Commission, University of California, Washington (State of), New York (State of) Dormitory Authority ×2, Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. -Central District Development), Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute)
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
| Floating rate | 0.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.0% |
| 3-5y | 0.0% |
| 10y+ | 99.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +8.47 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.31 yr | 4% |
| 5 yr | 1.45 yr | 17% |
| 10 yr | 4.45 yr | 52% |
| 30 yr | 2.36 yr | 28% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.32 yr | 4% |
| 5 yr | 1.54 yr | 18% |
| 10 yr | 4.43 yr | 52% |
| 30 yr | 2.16 yr | 26% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.02 | +0.00 | $6.7k | $0 |
| 1 yr | +0.31 | +0.32 | +0.00 | $132.2k | $21 |
| 5 yr | +1.45 | +1.54 | +0.00 | $638.6k | $47 |
| 10 yr | +4.45 | +4.43 | +0.00 | $1.84m | $0 |
| 30 yr | +2.36 | +2.16 | +0.00 | $896.8k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | California (State of) Health Facilities Financing Authority (Kaiser Permanente)4.00% · due 2044-11-01 | 0.13% | $5.54M | — |
| — | New York (State of) Dormitory Authority5.50% · due 2054-07-01 | 0.12% | $4.83M | — |
| — | New York (State of) Dormitory Authority4.00% · due 2047-02-15 | 0.11% | $4.50M | — |
| — | Salt River Project Agricultural Improvement & Power District5.25% · due 2055-01-01 | 0.10% | $4.26M | — |
| — | Texas Water Development Board4.75% · due 2055-10-15 | 0.10% | $4.25M | — |
| — | Regents of the University of California Medical Center5.00% · due 2047-05-15 | 0.10% | $4.17M | — |
| — | Regents of the University of California Medical Center4.00% · due 2053-05-15 | 0.10% | $4.09M | — |
| — | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group)5.25% · due 2056-10-01 | 0.10% | $4.02M | — |
| — | Triborough Bridge & Tunnel Authority5.00% · due 2051-05-15 | 0.10% | $3.93M | — |
| — | Texas Transportation Finance Corp.5.50% · due 2055-10-01 | 0.10% | $3.94M | — |
Top 10 positions are 1.05% of net assets, top 25 2.36%, across 2.0K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free