Invesco National AMT-Free Municipal Bond ETFPZA

InvescoBonds & CashMunicipal#638 of 786 by YTD

$22.36

+0.4% last session

−0.4% YTD

Data as of 11/5/20264:00 PM ET · End-of-day

Dividend-adjusted total return · S&P 500 uses VOO · Nov 4, 2025 – Nov 5, 2026PZAS&P 500 · VOO

Returns	1D	1M	3M	YTD	1Y	3Y	5Y	MAX
Total return	+0.4%	+6.1%	−2.1%	−0.4%	−0.4%	+14.3%	−2.1%	+76.5%
Peer average	+0.3%	+4.1%	−0.5%	+0.9%	+1.2%	+15.4%	+2.9%	—
S&P 500 · VOO	−4.4%	−5.7%	−4.9%	+8.4%	+9.8%	+82.2%	+71.6%	—

Key Statistics

Open all fund facts →

AUM: $4.1B
Expense ratio: 0.28%
Distribution yield: 4.0%
NAV: $22.28
Volume: 2.3M
Avg. volume 30D: 4.0M
High today: $22.38
Low today: $22.22
Previous close: $22.26
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+2.7%$59.8M

#2MYMGSPDR+2.4%$8.6M

#3TAXTFlexShares+2.4%$198M

#4SMMUPIMCO+2.3%$1.3B

#5SHYMiShares+2.2%$929M

#6FTMSFranklin Templeton+2.1%$266M

#7MUNAFlexShares+2.0%$8.0M

#8CGSMCapital Group+2.0%$1.7B

#136PZAInvesco−0.4%$4.1B

End-of-day Nov 6, 2026 · 141 Municipal ETFs by YTD

$10,000 in PZA

$10,000 in PZA became

$9,794

In the S&P 500 (VOO)

$17,156

Total return, dividends in · Oct 28, 2021 – Nov 5, 2026 · S&P 500 uses VOO

PZA’s Top Holdings

Today

USD Pending DiPending Dividends1.3%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%Lower Alabam0.1%Texas Water 0.1%Chicago Boar0.1%New York Sta0.1%Regents of t0.1%California H0.1%San Diego Un0.1%

Invesco PZA · 7,334 holdings · top 22 shown · tile size = share of the fund · as of Nov 5, 2026

What PZA Holds

Today

All holdings100.0%

USD Pendin 1.3 · CASH & EQU · New York C · California · New York S · County of · Salt River

Invesco PZA · share of the fund · as of Nov 5, 2026

Pending’s Share of PZA

Today

1.3%

$13 of every $1,000 in PZA is Pending

Pending held by PZA

$51.3M

Invesco PZA · each square = $10 of $1,000 · as of Nov 5, 2026

PZA’s Share of Municipal ETFs

Today

1.7%

of the $245B in 166 Municipal ETFs

PZA$4.1B1.7%

MUB$54.9B22.4%

VTEB$49.6B20.2%

163 others$137B55.8%

Municipal ETF AUM · Nov 6, 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 6, 2026

Inside PZA

7,334 holdings · as of Nov 5, 2026

PZA

Invesco National AMT-Free Municipal Bond ETF

Today

All holdings100.0%7,333 more holdings98.7% of the fund

#	Ticker	Company	Weight ▼
1	—	Pending Dividends	1.25%
2	—	Cash & Equivalents	0.18%
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 1.95% 06/01/2034	0.10%
10	—	Charlotte-Mecklenburg Hospital Authority/The 2.00% 01/15/2042	0.10%

See all 7,336 holdings ↓

Invesco PZA · current holdings by weight · as of Nov 5, 2026 · each tile is one holding · top 20 = 3.2%

All PZA Holdings

7,336 holdings · as of Nov 5, 2026

PZA

PZA’s Holdings

Today

#
1	—Pending Dividends	1.25%	$125.22	0	$51.3M
2	—Cash & Equivalents	0.18%	$17.77	7.3M	$7.3M
3	—California Health Facilities Financing Authority 4.00% 11/01/2044	0.13%	$13.05	6.0M	$5.3M
4	—New York State Dormitory Authority 4.00% 02/15/2047	0.10%	$10.36	4.8M	$4.2M
5	—County of Jefferson AL Sewer Revenue 5.50% 10/01/2053	0.10%	$10.17	4.1M	$4.2M
6	—Salt River Project Agricultural Improvement & Power District 5.25% 01/01/2055	0.10%	$10.06	4.0M	$4.1M
7	—Triborough Bridge & Tunnel Authority 5.00% 05/15/2051	0.10%	$9.95	4.1M	$4.1M
8	—Public Building Authority of Sevier County TN/The 1.95% 06/01/2034	0.10%	$9.77	4.0M	$4.0M
9	—Charlotte-Mecklenburg Hospital Authority/The 2.00% 01/15/2042	0.10%	$9.77	4.0M	$4.0M
10	—California Health Facilities Financing Authority 4.00% 08/15/2048	0.10%	$9.70	4.5M	$4.0M
11	—Massachusetts Development Finance Agency 5.50% 12/01/2056	0.09%	$9.39	3.7M	$3.8M
12	—Texas Transportation Finance 5.50% 10/01/2055	0.09%	$9.25	3.6M	$3.8M
13	—Orange County Health Facilities Authority 5.25% 10/01/2056	0.09%	$9.13	3.7M	$3.7M
14	—County of Jefferson AL Sewer Revenue 5.25% 10/01/2049	0.09%	$8.90	3.6M	$3.6M
15	—Lower Alabama Gas District/The 5.00% 09/01/2046	0.09%	$8.76	3.6M	$3.6M

Invesco PZA · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 5, 2026

How It Compares

PZA

Invesco National AMT-Free Municipal Bond ETF’s Peers

YTD


MUB	iSharesRead Desk	0.05%	+0.5%	+0.9%	$54.9B
VTEB	VanguardRead Desk	0.03%	+0.6%	+0.9%	$49.6B
SUB	iSharesRead Desk	0.07%	+1.6%	+2.4%	$13.4B
JMUB	J.P. MorganRead Desk	0.18%	+0.8%	+1.1%	$9.1B
CGMU	Capital GroupRead Desk	0.27%	+1.1%	+1.7%	$7.6B
PZA	InvescoThis fundRead Desk	0.28%	−0.4%	−0.4%	$4.1B

Municipal peers · YTD and past-year returns · as of Nov 6, 2026 · sorted by AUM

Head to Head

Put PZA head to head with MUB →

MUB vs PZA

YTD

MUBiShares · MunicipalPZAInvesco · Municipal

Year to date

+0.5%

−0.4%

MUB wins+1.0 pt

Past year

+0.9%

−0.4%

MUB wins+1.4 pts

Fee

0.05%

0.28%

MUB winslower fee

Yield

3.3%

4.0%

PZA wins+0.7 pts

AUM

$54.9B

$4.1B

MUB13.4× more

3–1MUB wins

iShares MUB and Invesco PZA · year-to-date · as of Nov 6, 2026 · AUM not scored

PZA vs VOO

YTD

PZA · Invesco National AMT-Free Municipal Bond

−0.4%

VOO · S&P 500

+8.4%

Gap

8.8 pts

Invesco PZA and Vanguard VOO · YTD total return · as of Nov 6, 2026

PZA vs Its Peer Average

YTD

PZAAvsBPeer average

1D+0.4%+0.3%

1M+6.1%+4.1%

3M−2.1%−0.5%

YTD−0.4%+0.9%

1Y−0.4%+1.2%

3Y+14.3%+15.4%

5Y−2.1%+2.9%

2–5Peer average wins

165 Municipal peers · each row scaled to its leader

The Details

PZA

Risk

2/5our risk indicator

CalmerBumpier

Volatility · 1Y5.13%

Deepest drop · 1Y−9.4%

Lowest point · 5Y−16.8%

52-week range

$22.36

$21.07−5.4% from the high$23.63

Invesco PZA · past-year price moves · as of Nov 6, 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 6, 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$22.28

Premium / discount[…]

Median spread · 30D[…]

Volume today2.3M

Average volume · 30D4.0M

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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