Invesco National AMT-Free Municipal Bond ETF
U.S. bond index ETF · tracks ICE BofA National Long-Term Core Plus Municipal Securities Index
As of its 2026 Q2 report, Invesco National AMT-Free Municipal Bond ETF held 6,664 positions with $4.15B in net assets. Its ten largest holdings made up 1.1% of the fund. The PZA share class costs 0.28% a year. Over the 12 months to May 2026, PZA returned 7.9%, with dividends reinvested. In 2026 Q2 it added 708 new positions and exited 110.
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.
What you own
| Company | Weight | 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 Authority 5.50% · due 2054-07-01 | 0.12% | $4.83M | — |
New York (State of) Dormitory Authority 4.00% · due 2047-02-15 | 0.11% | $4.50M | — |
Salt River Project Agricultural Improvement & Power District 5.25% · due 2055-01-01 | 0.10% | $4.26M | — |
Texas Water Development Board 4.75% · due 2055-10-15 | 0.10% | $4.25M | — |
Regents of the University of California Medical Center 5.00% · due 2047-05-15 | 0.10% | $4.17M | — |
Regents of the University of California Medical Center 4.00% · 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 Authority 5.00% · due 2051-05-15 | 0.10% | $3.93M | — |
Texas Transportation Finance Corp. 5.50% · due 2055-10-01 | 0.10% | $3.94M | — |
The 200 largest of 6,664 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 95.79% |
How it has done
PZA share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.50%. Past returns are a record, not a forecast.
Fees & fund details
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
- Expense ratio, by class
- 0.28%· PZA 0.28%
- Portfolio turnover
- 6.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
708 new· the largest 6
110 exited· the largest 7
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.
Understand how this fund fits with the rest.
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