Invesco National AMT-Free Municipal Bond ETFPZA

InvescoBonds & CashMunicipal#676 of 786 by YTD

$22.26

+0.7% last session

−0.9% YTD

Data as of 11/4/20264:00 PM ET · End-of-day

Dividend-adjusted return from the previous close · S&P 500 uses VOOPZAS&P 500 · VOO

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.7%	+4.5%	−2.1%	−0.9%	−0.7%	+13.7%	−2.4%	+75.7%
Peer average	+0.3%	+3.3%	−0.5%	+0.6%	+1.0%	+15.1%	+2.7%	—
S&P 500 · VOO	+1.6%	−1.6%	0.0%	+13.4%	+13.5%	+91.7%	+81.2%	—

Key Statistics

Open all fund facts →

AUM: $4.1B
Expense ratio: 0.28%
Distribution yield: 4.0%
NAV: $22.18
Volume: 1.6M
Avg. volume 30D: 4.1M
High today: $22.27
Low today: $22.14
Previous close: $22.10
52-week high: $23.63
52-week low: $21.07
Our risk indicator: 2/5

PZA in One Breath

PZA Among Municipal ETFs

YTD

#1MMMANY Life Investments+2.6%$59.6M

#2OVMOverlay Shares+2.4%$46.0M

#3MYMGSPDR+2.2%$8.6M

#4TAXTFlexShares+2.1%$197M

#5SMMUPIMCO+2.1%$1.3B

#6FTMSFranklin Templeton+2.0%$265M

#7MYMFSPDR+1.9%$8.7M

#8IBMOiShares+1.9%$498M

#137PZAInvesco−0.9%$4.1B

End-of-day Nov 5, 2026 · 141 Municipal ETFs by YTD

$10,000 in PZA

$10,000 in PZA became

$9,759

In the S&P 500 (VOO)

$18,115

Total return, dividends in · Oct 27, 2021 – Nov 4, 2026 · S&P 500 uses VOO

PZA’s Top Holdings

Today

USD Pending DiPending Dividends1.2%CASH & EQUIV0.2%New York Cit0.1%California H0.1%New York Sta0.1%County of Je0.1%Salt River P0.1%Triborough B0.1%Public Build0.1%Charlotte-Me0.1%California H0.1%Massachusett0.1%Texas Transp0.1%Orange Count0.1%County of Je0.1%Chicago Boar0.1%Lower Alabam0.1%Texas Water 0.1%New York Sta0.1%Regents of t0.1%California H0.1%San Diego Un0.1%

Invesco PZA · 7,342 holdings · top 22 shown · tile size = share of the fund · as of Nov 4, 2026

What PZA Holds

Today

All holdings100.0%

USD Pendin 1.2 · CASH & EQU · New York C · California · New York S · County of · Salt River

Invesco PZA · share of the fund · as of Nov 4, 2026

Pending’s Share of PZA

Today

1.2%

$12 of every $1,000 in PZA is Pending

Pending held by PZA

$50.8M

Invesco PZA · each square = $10 of $1,000 · as of Nov 4, 2026

PZA’s Share of Municipal ETFs

Today

1.7%

of the $244B in 166 Municipal ETFs

PZA$4.1B1.7%

MUB$54.7B22.4%

VTEB$49.6B20.3%

163 others$136B55.6%

Municipal ETF AUM · Nov 5, 2026

PZA Fee per $100 vs Peers

Today

$0.28a year
per $100

$28 a year on $10,000

VTEB$0.03

MUB$0.05

SUB$0.07

JMUB$0.18

CGMU$0.27

PZA$0.28

Expense ratio · Municipal peers · Nov 5, 2026

Inside PZA

7,342 holdings · as of Nov 4, 2026

PZA

Invesco National AMT-Free Municipal Bond ETF

Today

All holdings100.0%7,341 more holdings98.8% of the fund

#	Ticker	Company	Weight ▼
1	—	Pending Dividends	1.24%
2	—	Cash & Equivalents	0.19%
3	—	New York City Municipal Water Finance Authority 5.25% 06/15/2055	0.14%
4	—	California Health Facilities Financing Authority 4.00% 11/01/2044	0.13%
5	—	New York State Dormitory Authority 4.00% 02/15/2047	0.10%
6	—	County of Jefferson AL Sewer Revenue 5.50% 10/01/2053	0.10%
7	—	Salt River Project Agricultural Improvement & Power District 5.25% 01/01/2055	0.10%
8	—	Triborough Bridge & Tunnel Authority 5.00% 05/15/2051	0.10%
9	—	Public Building Authority of Sevier County TN/The 1.65% 06/01/2034	0.10%
10	—	Charlotte-Mecklenburg Hospital Authority/The 1.70% 01/15/2042	0.10%

Invesco PZA · current holdings by weight · as of Nov 4, 2026 · each tile is one holding · top 20 = 3.2%

How It Compares

PZA

Invesco National AMT-Free Municipal Bond ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.1%	+0.7%	$54.7B
VTEB	VanguardRead Desk	0.03%	+0.2%	+0.7%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.5%	+2.3%	$13.3B
JMUB	J.P. MorganRead Desk	0.18%	+0.3%	+0.8%	$9.0B
CGMU	Capital GroupRead Desk	0.27%	+0.8%	+1.4%	$7.5B
PZA	InvescoThis fundRead Desk	0.28%	−0.9%	−0.7%	$4.1B

Municipal peers · YTD and past-year returns · as of Nov 5, 2026 · sorted by AUM

Head to Head

Put PZA head to head with MUB →

MUB vs PZA

YTD

MUBiShares · MunicipalPZAInvesco · Municipal

Year to date

+0.1%

−0.9%

MUB wins+1.0 pt

Past year

+0.7%

−0.7%

MUB wins+1.4 pts

Fee

0.05%

0.28%

MUB winslower fee

Yield

3.3%

4.0%

PZA wins+0.7 pts

AUM

$54.7B

$4.1B

MUB13.4× more

3–1MUB wins

iShares MUB and Invesco PZA · year-to-date · as of Nov 5, 2026 · AUM not scored

PZA vs VOO

YTD

PZA · Invesco National AMT-Free Municipal Bond

−0.9%

VOO · S&P 500

+13.4%

Gap

14.2 pts

Invesco PZA and Vanguard VOO · YTD total return · as of Nov 5, 2026

PZA vs Its Peer Average

YTD

PZAAvsBPeer average

1D+0.7%+0.3%

1M+4.5%+3.3%

3M−2.1%−0.5%

YTD−0.9%+0.6%

1Y−0.7%+1.0%

3Y+13.7%+15.1%

5Y−2.4%+2.7%

2–5Peer average wins

165 Municipal peers · each row scaled to its leader

The Details

PZA

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y5.11%

Deepest drop · 1Y−9.4%

Lowest point · 5Y−16.8%

52-week range

$22.26

$21.07−5.8% from the high$23.63

Invesco PZA · past-year price moves · as of Nov 5, 2026

PZA

Fund Facts

Today

2007launched Oct 11

Tracks[…]

Exchange · CUSIPAMEX · 46138E537

StructureETF

Leverage1x

Cost on $10,000$28 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

Invesco PZA · fund facts · as of Nov 5, 2026

PZA

Payouts by Year

$0.0777per share, Oct 2026

Distribution yield4.0%

PaidEvery month

Latest ex-date · paidOct 19 · Oct 23, 2026

12 payouts added up$0.88 a share

Invesco PZA · distributions by ex-date · 2021–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-08-31 ↗SEC reported portfolio · 2026-05-31 ↗SEC reported portfolio · 2026-02-28 ↗SEC reported portfolio · 2025-11-30 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-08-31 ↗SEC reported portfolio · 2025-05-31 ↗SEC reported portfolio · 2025-02-28 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2024-11-30 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$22.18

Premium / discount[…]

Median spread · 30D[…]

Volume today1.6M

Average volume · 30D4.1M

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.28%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$28.00

Our risk indicator2/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Oct 19, 2026	Oct 23, 2026	$0.0777
Sep 21, 2026	Sep 25, 2026	$0.0748
Aug 24, 2026	Aug 28, 2026	$0.0762
Jul 20, 2026	Jul 24, 2026	$0.0753
Jun 22, 2026	Jun 26, 2026	$0.0731
May 18, 2026	May 22, 2026	$0.0733
Apr 20, 2026	Apr 24, 2026	$0.0722
Mar 23, 2026	Mar 27, 2026	$0.0705
Feb 23, 2026	Feb 27, 2026	$0.0677
Jan 20, 2026	Jan 23, 2026	$0.0731
Dec 22, 2025	Dec 26, 2025	$0.0795
Nov 24, 2025	Nov 28, 2025	$0.0712

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