InvescoMuni National LongPZA · NYSE Arca

Invesco National AMT-Free Municipal Bond ETF (PZA)

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Price: $22.02; —30 Oct 2026
Assets: $4B; Total net assets
Expense ratio: 0.28%; Category 0.75%
Yield: 4.10%; Trailing distributions

1Y return: -1.9%-1.6%; Category -0.2%
3Y CAGR: 4.0%-1.7%; Category 5.7%
5Y CAGR: -0.7%-0.2%; Category -0.5%

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Invesco National AMT-Free Municipal Bond ETF

Calendar-year returns

Fund only: no comparison series covers this fund's history.

Risk statistics

Five years of daily closes. Risk-free rate 4% a year.

Standard deviation: —
Maximum drawdown: —
Sharpe ratio: —
Sortino ratio: —
Beta: —
Alpha: —
R²: —
Information ratio: —
Upside capture: —
Downside capture: —
Tracking error: —

Trailing returns compared with benchmark
Period	1M	3M	6M	YTD	1Y	3YCAGR	5YCAGR	10YCAGR	LaunchCAGR
ETF	+3.3%	-2.7%	-3.5%	-2.0%	-1.9%	+4.0%	-0.7%	+1.4%	+2.9%
Muni National Long average	3.7%	-1.4%	-1.8%	-0.3%	-0.2%	5.7%	-0.5%	1.6%	2.1%
Difference	-0.4%	-1.3%	-1.6%	-1.6%	-1.6%	-1.7%	-0.2%	-0.2%	+0.8%

Holdings

Allocation as last published by the fund.

Credit quality

Share of the bonds by rating.

AAA15.0%
AA56.3%
A24.2%
BBB4.4%
BB0.1%

Asset mix

Bonds100.0%
Cash0.0%

ETF details

Issuer: Invesco
Category: Fixed Income · Muni National Long
Ticker: PZA
Exchange: NYSE Arca
Inception: 11 Oct 2007 (19.1 years)
Structure: Exchange Traded Fund
Expense ratio: 0.28% (category 0.75%)
Holdings turnover: 6% (category 32%)
Distribution yield: 4.10%
Beta, 3 years: 1.28
Total net assets: $4B
Average duration: 4.64 years
Average maturity: 9.21 years

Prices and returns as of 30 Oct 2026; total return with distributions reinvested, before brokerage and taxes. Not investment advice.

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