Bonds & fixed income
PZAInvescoINDEX
Invesco National AMT-Free Municipal Bond ETF
$21.90-0.05% vs prior close
212452-WK
Price through Oct 27, 2026 · Flows through Oct 26, 2026. Figures use the latest available records, not a live quote. Fund details retrieved Oct 27, 2026. Holdings snapshot retrieved Oct 27, 2026.
The fund generally will invest at least 80% of its total assets in the components of the index. Strictly in accordance with its guidelines and mandated procedures, the index provider compiles, maintains and calculates the underlying index, which is composed of U.S. dollar-denominated, tax-exempt municipal debt publicly issued by U.S. states and territories and their political subdivisions, in the U.S. domestic market.
PZA price
Source: Market tape, daily closes; price return, distributions not reinvested
Table
| Date | PZA close |
|---|---|
| Sep 28, 2026 | $21.31 |
| Sep 29, 2026 | $21.18 |
| Sep 30, 2026 | $21.39 |
| Oct 1, 2026 | $21.41 |
| Oct 2, 2026 | $21.31 |
| Oct 5, 2026 | $21.44 |
| Oct 6, 2026 | $21.38 |
| Oct 7, 2026 | $21.15 |
| Oct 8, 2026 | $21.26 |
| Oct 9, 2026 | $21.31 |
| Oct 12, 2026 | $21.31 |
| Oct 13, 2026 | $21.50 |
| Oct 14, 2026 | $21.44 |
| Oct 15, 2026 | $21.59 |
| Oct 16, 2026 | $21.64 |
| Oct 19, 2026 | $21.61 |
| Oct 20, 2026 | $21.52 |
| Oct 21, 2026 | $21.58 |
| Oct 22, 2026 | $21.76 |
| Oct 23, 2026 | $21.80 |
| Oct 26, 2026 | $21.91 |
| Oct 27, 2026 | $21.90 |
Daily net flows, 1M
Net inflow over the range: +$13M
- Inflow / above zero
- Outflow / below zero
Source: Daily creation and redemption records
Show as table
| Label | Value ($) |
|---|---|
| Sep 28 | −$2.1M |
| Sep 29 | $19.9M |
| Sep 30 | $10.5M |
| Oct 1 | $26.3M |
| Oct 2 | $7.3M |
| Oct 5 | −$11.6M |
| Oct 6 | −$25.2M |
| Oct 7 | $8.4M |
| Oct 8 | $0 |
| Oct 9 | $15.8M |
| Oct 12 | $10.5M |
| Oct 13 | $0 |
| Oct 14 | $5.3M |
| Oct 16 | −$47.3M |
| Oct 19 | −$3.3M |
| Oct 20 | $0 |
| Oct 21 | $6.6M |
| Oct 22 | $2.2M |
| Oct 23 | $3.3M |
| Oct 26 | −$13.2M |
The desk’s read
Money keeps arriving — +$13M of net inflows over the past month, about 0.3% of the fund's asset base, while the price has returned -5.6% so far this year. At 0.28% a year it is not the cheapest way in — AGG has a reported fee of 0.03%.
COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH
$4.1Bassets under management
0.28%expense ratio · $28 per $10,000 a year
+$13Mnet flow, trailing month
4.5Mavg daily volume, 30 days
2102holdings · US-domiciled
2007listed October 11, 2007 · beta 0.14
The book at a glance
CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS THE CHANGE IN THE LATEST AVAILABLE SNAPSHOT · TOP 40 POSITIONS
Holdings
| # | Holding | Weight | Price | Day | 52-wk | |
|---|---|---|---|---|---|---|
| 1 | —New York State Dormitory Authority | 0.12% | — | — | — | |
| 2 | —New York State Dormitory Authority | 0.10% | — | — | — | |
| 3 | —JEFFERSON CNTY AL SWR REVENUE JEFUTL 10/53 FIXED 5.5 | 0.10% | — | — | — | |
| 4 | —Salt River Project Agricultural Improvement & Power District | 0.10% | — | — | — | |
| 5 | —Triborough Bridge & Tunnel Authority | 0.10% | — | — | — | |
| 6 | —Public Building Authority of Sevier County TN/The | 0.10% | — | — | — | |
| 7 | —Charlotte-Mecklenburg Hospital Authority/The | 0.10% | — | — | — | |
| 8 | —California Health Facilities Financing Authority | 0.10% | — | — | — | |
| 9 | —Massachusetts Development Finance Agency | 0.09% | — | — | — | |
| 10 | —Texas Transportation Finance Corp | 0.09% | — | — | — | |
| 11 | —ORANGE CNTY FL HLTH FACS AUTH ORAMED 10/56 FIXED 5.25 | 0.09% | — | — | — | |
| 12 | —JEFFERSON CNTY AL SWR REVENUE 5.25%, due 10/01/2049 | 0.09% | — | — | — | |
| 13 | —CHICAGO ILL BRD ED DEDICATED C | 0.09% | — | — | — | |
| 14 | —Regents of the University of California Medical Center Pooled Revenue | 0.09% | — | — | — | |
| 15 | —Lower Alabama Gas District/The | 0.09% | — | — | — |
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- Cash & Others100%
- Other100%
- Municipal99.67%
- Revenue81.5%
- General obligation17.29%
- Double barrel1.21%
- Cash0.24%
- Securitized0.08%
Source: Portfolio composition, latest disclosure
Show as table
| Item | Value (%) |
|---|---|
| Cash & Others | 100% |
| Other | 100% |
| Municipal | 99.67% |
| Revenue | 81.5% |
| General obligation | 17.29% |
| Double barrel | 1.21% |
| Cash | 0.24% |
| Securitized | 0.08% |
Performance
| 1 week | +1.5% |
| 1 month | +1.8% |
| 3 months | -4.4% |
| 6 months | -6.2% |
| YTD | -5.6% |
| 1 year | -6.4% |
| 3 years | — |
PRICE RETURN, DISTRIBUTIONS NOT REINVESTED
Net flows
| 1 week | −$1M |
| 1 month | +$13M |
| 3 months | +$58M |
| YTD | +$1B |
| 1 year | +$1B |
CREATION/REDEMPTION DOLLARS, DAILY RECORDS
Monthly net flows
- Inflow / above zero
- Outflow / below zero
Source: Daily creation/redemption records, trailing twelve months
Show as table
| Label | Value ($) |
|---|---|
| Aug | $151.8M |
| Sep | $164.1M |
| Oct | $24.1M |
| Feb | $380.9M |
| Mar | $177.8M |
| Apr | $133.4M |
| May | $98.9M |
| Jun | $109.8M |
| Jul | $45M |
| Aug | $59.8M |
| Sep | $19.6M |
| Oct | −$14.9M |
The risk read
9%realized volatility, 30 days (annualized)
5%realized volatility, 1 year
-10.4%deepest fall from a peak, 1 year
-7.2%latest close versus that peak
The top holding is 0.1% of the book; the top ten carry 1%. Spread across 250+ names, it behaves like roughly 236 equally-weighted positions.
VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK
Options tape
—calls · latest snapshot
—puts · latest snapshot
—put/call ratio
1.4Mshares traded
The case against PZA
Due diligence cuts both ways. These funds sit on the same shelf and beat PZA on at least one dimension that matters — the fee, the asset base, or where the money is going.
| Fund | Fee | Assets | Flow, 1M | The case | |
|---|---|---|---|---|---|
| STIP iShares 0-5 Year TIPS Bond ETF | 0.03% | $16.4B | +$489M | -25bp on fee · 4× the assets · +$489M in over the month | Head-to-head |
| IJH iShares Core S&P Mid-Cap ETF | 0.05% | $123.5B | +$2.3B | -23bp on fee · 30× the assets · +$2.3B in over the month | Head-to-head |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 0.04% | $23.7B | +$51M | -24bp on fee · 6× the assets · +$51M in over the month | Head-to-head |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 0.04% | $18.6B | +$412M | -24bp on fee · 4× the assets · +$412M in over the month | Head-to-head |
| MUB iShares National Muni Bond ETF | 0.05% | $48B | +$2B | -23bp on fee · 12× the assets · +$2B in over the month | Head-to-head |