InvescoMuni National LongPZA · NYSE Arca

Invesco National AMT-Free Municipal Bond ETF (PZA)

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Price: $22.12; —11 Sept 2026
Assets: $4.2B; Total net assets
Expense ratio: 0.28%; Category 0.75%
Yield: 3.84%; Trailing distributions

1Y return: -0.2%-0.6%; Category 0.4%
3Y CAGR: 2.2%-1.4%; Category 3.6%
5Y CAGR: -1.0%0.0%; Category -1.0%

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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	-3.8%	-4.4%	-3.1%	-2.2%	-0.2%	+2.2%	-1.0%	+1.3%	+2.9%
Muni National Long average	-3.0%	-3.4%	-2.2%	-1.3%	0.4%	3.6%	-1.0%	1.3%	2.0%
Difference	-0.8%	-1.0%	-0.9%	-0.9%	-0.6%	-1.4%	0.0%	0.0%	+1.0%

Holdings

Allocation as last published by the fund.

Credit quality

Share of the bonds by rating.

AAA16.3%
AA55.5%
A23.7%
BBB4.4%
BB0.1%
Other0.0%

Asset mix

Bonds99.8%
Cash0.2%

ETF details

Issuer: Invesco
Category: Fixed Income · Muni National Long
Ticker: PZA
Exchange: NYSE Arca
Inception: 11 Oct 2007 (18.9 years)
Structure: Exchange Traded Fund
Expense ratio: 0.28% (category 0.75%)
Holdings turnover: 6% (category 32%)
Distribution yield: 3.84%
Beta, 3 years: 1.29
Total net assets: $4.2B
Average duration: 4.63 years
Average maturity: 9.73 years

Prices and returns as of 11 Sept 2026; total return with distributions reinvested, before brokerage and taxes. Not investment advice.

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